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Form 12277 for Akron Ohio: What You Should Know
To get a Judgment Lien Cancelled If the sum total of your judgment is 250 or more, the County Clerk of Courts can issue a judgment lien suspension and judgment sale notice on your debt. To get a Judgment Lien Suspended If the sum total of your judgment is less than 250 a judgment lien should NOT be filed if the debtor lives in the Summit County. What Happens With a Debt if the Balance Is Not Paid? The creditor can file a claim in small claims court against the debt. The judge has the discretion to either keep the amount owed in full or, keep the balance. If you have a lien on a property, the County Clerk of Courts may also have to remove the lien. The Judgment Lien is Cancelled when the amount due is paid. For other Debt, the balance must be paid over to the county. If the debt continues to grow, the County Clerk of Courts may require a court order to release the court lien. The balance does not go away unless the debt goes unpaid for 3 years. Why is the Judgment Lien Suspended? If the number listed on the Tax Lien is greater than the sum of your other assets and there are no sufficient funds in liquid assets to satisfy a judgment lien, this court order suspends the judgment lien for 3 years; except that, if the amount owed on the judgment is 500 or more, and you have sufficient assets to pay the amount that is due, the court order is for one year, as if the amount owed on the judgment were equal to the actual judgment. When should the Judgment Lien Suspension Notice be sent? When the total balance on any account reaches 7,500 in total, the debt should also be posted to your credit reports.
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