IRS Bank Levy Concerns? 11 Ways to Stop an IRS Tax Levy


by Jill Bridges on December 10, 2019  0 Comment

IRS Bank Levy Concerns? 11 Ways to Stop an IRS Tax Levy
When you owe a large amount of money to either a private debtor or the Internal Revenue Service (IRS), this debt can interfere with your financial stability. If you stop making payments to your debtors, they have the ability to pursue what they are owed by requesting a bank levy. This guide will walk you through the steps of the bank levy process. Bank levies are extremely common, and issuing one is a method for the IRS and private creditors to recoup money that they have not been paid. If you're in debt and cannot make timely payments on that debt, then a bank levy is a possible outcome. Here are a the steps of the bank levy process: Your ...

How to Get a Tax Levy Removed


by Pamela Kock on May 14, 2018  0 Comment

How to Get a Tax Levy Removed
Nobody likes to pay taxes, but the IRS has powerful ways of making sure we do. If you're in the unfortunate position of owing a significant amount of money to the Internal Revenue Service (IRS) for unpaid income taxes, the IRS will insist on payment by any means, including imposing a tax levy,  seizing your assets and selling them to pay off your debt. However, there are steps you can take to keep this from happening and start rebuilding your credit and wealth. What Is a Tax Levy? If you've been notified by the IRS that you are subject to a tax levy, you have 30 days to challenge the levy, work out a payment arrangement, or pay the tax ...

Bank Levy: How Long Does It Last?


by Jowanna Daily on May 14, 2018  0 Comment

Bank Levy: How Long Does It Last?
Both the IRS and creditors can use a bank levy and wage garnishments as extreme measures to collect outstanding debt. While the laws are different depending on whom you owe, the procedure is similar. The IRS and the Department of Education, though, have more reach than the other creditors. What Is a Bank Levy? A bank levy or a bank garnishment takes place when a creditor (someone you owe) files a legal document with the court, so he or she can withdraw funds from your bank account to collect on outstanding debt. Before a levy is issued, your creditor goes to court and receives a judgment for the money owed. You have a period to respond before the bank levy. ...

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