What is a bank levy?

Answer Ignoring a debt can have serious consequences. In addition to wage garnishments and property liens, creditors can also place a levy on consumer bank accounts in order to collect an unpaid debt.Fact... Read More »

Top Q&A For: What is a bank levy

What is a levy on a bank account?

Only you can access your bank account--in most circumstances. A bank account levy allows third parties to whom you owe a debt to receive access to your bank account to withdraw funds in order to sa... Read More »

How to Get a Tax Levy From Your Bank Removed?

When you owe money to the IRS, the IRS has the right to place a levy on your bank accounts to collect the debt owed. According to the IRS, a levy differs from a lien in that a levy seizes the prope... Read More »

How to Stop an IRS Bank Levy?

The IRS attaches a levy to a taxpayer's property if he fails to pay delinquent taxes. The levy actually seizes the property to satisfy the debt. An IRS bank levy means that the taxpayer's bank must... Read More »

What is a bank levy by a creditor?

A bank levy by a creditor is a court-approved post-judgment collection procedure in which the judgment creditor seeks to obtain satisfaction for his judgment for money damages by attaching a debtor... Read More »