Best Bankruptcy Lawyers in Akron, OH

Prior to the filing of the bankruptcy, the creditor can garnish your wages, garnish your bank accounts and put a lien against your home. The bankruptcy will stop the garnishments. It may be possible to get rid of the lien in bankruptcy by filing a Motion to Avoid the Judgment Lien.

There are a number of exemptions provided by law, which protect you from losing your assets. Most people can keep their homes, cars, furniture, appliances and personal belongings. There are exemptions for the tools one uses to earn a living. There are exemptions for cash value in life insurance policies and annuities, pensions, IRA, 401(k) and other such retirement accounts.

You should continue paying your utilities to avoid a cutoff. You can include high balance utilities in the bankruptcy but may be required to pay an additional security deposit to continue receiving the service.

You should not pay back relatives or friends before you file your bankruptcy. There is a one-year look back period for repayments to insiders and the trustee can attempt to recover these funds from the person you repaid.

Sometimes banks retain the right to offset your account and, thus, do not have to file a lawsuit and obtain a judgment to take money from your account for debts owed to the bank on which you are behind. The bank cannot offset your account after the bankruptcy is filed.