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Stopping Bank Levies through Ohio Bankruptcy



Filing Bankruptcy Can Stop a Bank Levy


A bank levy occurs when a creditor obtains a judgment against you allowing them to start searching your assets to liquidate in order to repay the debt. Once a creditor obtains this right, any money that you have in a bank is at risk of being taken by that creditor. In some cases when your bank account information is known to your creditor, loan or credit card agreement documents allow for creditors to bypass the lawsuit and go straight to the bank levy.


Filing Bankruptcy Will Stop or Prevent a Bank Levy

The Automatic Stay provision that immediately goes into force upon filing for bankruptcy legally prohibits the creditor from pursuing any collection action against you. This means that even if they have a judgment from a lawsuit or the fine print in the loan documents allows them to levy your accounts, they must stop the bank levy or cannot begin a bank levy once your bankruptcy case is filed. If a lawsuit has been filed against you, whether it is by a creditor, from an accident, or for another reason, now is the time to discuss your situation with a Columbus, Ohio Bankruptcy Attorney at Sheppard Law Offices.


Bank Levy Without Warning and How To Stop the Bank Levy

When you apply and are granted a loan, the loan documents that you sign are a legally binding contract. This applies to both secured loans such as mortgages, car loans, boat loans, motorcycle loans and any other loan where the creditor issues the loan in exchange for a claim on the property you are purchasing. This also applies to unsecured loans such as credit cards, personal loans, and other lines of credit. If you hold a deposit bank account with the issuer of the loan, whether it’s checking or savings, somewhere in the loan documentation or credit card agreement there may be a statement allowing the bank access to your accounts for the purpose of collecting past due balances on your debt. This agreement may allow the bank that holds both your liquid assets (bank account) and your debt (credit card or other loan) the right to access your deposit accounts in order to pay your past due balances on the debt they hold without. If they enact this right and levy your accounts, it can be particularly damaging to your current financial situation. Therefore, if you have debts at the same bank that you keep your deposit accounts it may be wise to only keep a minimum amount of money in the deposit accounts. If you are considering filing bankruptcy, the Automatic Stay will prevent this from happening as its protection overrules the contract that allows them to initiate this type of bank levy.


If you have received notification of a bank levy, already have a bank levy in force, or fear that your bank may place a levy on your account, now it the time to contact the Columbus Ohio bankruptcy attorneys at Sheppard Law Offices to get the bank levy stopped today. Your Columbus, Ohio bank levy attorney will discuss with your your debt relief and bankruptcy options, and if filing for bankruptcy is right for your situation, we can get the bank levy against you stopped. Call (614) 523-3106 today to speak with a Columbus, Ohio attorney and end your bank levy.



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Sheppard Law Offices - Columbus

Sheppard Law Offices

The Columbus, Ohio bankruptcy debt relief and taxation law office of Sheppard Law Offices, LPA is conveniently located just inside I-270 off of Cleveland Ave. Our offices provide a short drive from throughout Central Ohio including counties of Franklin, Delaware, Knox, Marion, Licking, & Fairfield. We regularly serve  Debt  & Tax needs of clients from  Columbus, Westerville, Bexley, Dublin, Sunbury, Delaware, Fredericktown, Johnstown, Centerberg, New Albany, Gahanna, Pickerington, Grandview, Upper Arlington, Clintonville, Groveport, Pickerington, Pataskala, Reynoldsburg, Groveport, Lewis Center, Worthington, Granville, the Short North, Hilliard, Plain City, Grove City, Newark, Mt. Vernon, Canal Winchester, and Lancaster.

Columbus Ohio Office

2600 Tiller Lane, Suite A

Columbus, Ohio 43231

Telephone: (614) 523-3106

Newark, Ohio Office

843 N. 21st Street, Suite 108

Newark, Ohio 43055

Telephone: (740) 345-7138

Akron-Canton Office

Belden Village Tower, 200

Canton, Ohio 44718

Telephone: (330) 409-2876

Mt. Vernon, Ohio Office

11 West Gambier Street

Mt. Vernon, Ohio 43050

Telephone: (740) 392-0404

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We are a debt relief agency. We help people file for protection under the U.S. Bankruptcy Code.