A bank levy is when your bank catalogue is frozen and all or part of the monies in your bank catalogue is seized. Bank levy's can happen for many reasons, however the two most tasteless are due to unpaid taxes and unpaid debt.
A bank levy just doesn't happen immediately; regularly it is the effect of a creditor trying to force a debtor to repay a debt. Obviously in the case of taxes, if the Irs has sent you a letter stating that you owe taxes and you whether refuse to pay the debt or don't talk to their requests by whether production a reimbursement plan or trying to work with them towards repayment, a tool they will use is a bank levy. They will ice your accounts and seize any money in your catalogue up to the estimate that you owe.
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The bank catalogue can be approximately any type of catalogue (e.g. Savings, checking, etc) and while most levy's occur in the Us, the Irs or other creditors can sometimes go after off shore accounts. Once a bank levy is made on your account, any money that is in the catalogue will be seized. If there is not enough money in the account, all money will be removed and your catalogue will regularly remain frozen until the debt is paid off.
It should be noted that while the Irs are regularly the ones that use this recipe the most, other creditors have used this recipe to receive reimbursement for their debts. For instance, if you have a judgment against you for a reputation card debt, the creditor can file for a bank levy to be placed on your account. While state laws differ, in most cases obvious monies in your catalogue are exempt together with welfare payments, communal safety payments, Va benefits, child support, etc. If a bank levy has been placed on your catalogue by a creditor, you regularly have 30 days to contest the levy (in the case that monies that were seized are exempt). If a bank levy occurs, you should taste the court to find out how to file for an exemption immediately.
It should be noted that a bank levy can occur quite oftentimes and it is not a one time event. A creditor can invite a bank levy as many times as he or she would like to until the debt is paid off. Many banks fee a penalty to their customers if their bank catalogue receives a levy. This estimate can be over 0 each time. It should be noted that any checks that have been written before the event that have not been cashed will bounce, because your catalogue is frozen. It should also be noted that withdrawals can not occur, but in many cases deposits can. So if you have received a bank levy and have your manager deposit money into your account, this money will be seized as well.
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