CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What is a Bank Levy?

Receiving notice a credit card or mortgage payment has been rejected because of insufficient funds is a scary experience. It calls attention to your financial struggles and reminds you that everything is not OK, financially speaking, even if you have been trying to ignore the problem.

Things are even scarier when you weren’t fully expecting a problem to occur with your account, but a levy on your account created insufficient funds. The control you thought you had over managing your money and your debt is suddenly gone.

Where Do Levies Come From?

Not all creditors are able to place levies on private bank accounts. The state or federal government has the authority to do so if you are delinquent on tax payments. Levies allow the government to legally seize your property (in this case, the money in your bank account) to satisfy your debt to them.

You might think sufficient warning would occur prior to a levy and court proceedings would be necessary. This isn’t always the case. The IRS has the authority to issue a levy without court proceedings, so even if you think things will turn out fine once you tell your side of the story, you might find your account levied with very little warning.

What the IRS must do is notify your bank in writing that your accounts are to be frozen and the money in them turned over to the IRS. You have no control over this and you will no longer have access to your bank accounts. The IRS also has the authority to gain access to 401K accounts, wages, and insurance payments under the seizure laws, and can place levies on your personal property, including your home and vehicles.

To learn more about levies and how they can affect your life, visit IRS.gov

What You Can Do about a Levy

Levies are serious business and you have limited options if you are facing a levy. If you owe back taxes and have not arranged a payment plan with the IRS, it is important you contact an attorney immediately. He or she can help you protect your assets, but you need to act fast. You are facing a financial emergency – levies and liens can have a severe impact on your current life and your future.

If you are frightened and need assistance with a tax debt, we can help. We’ll help you negotiate with the IRS to find a resolution to the problem that allows you to remain in your home and maintain control over your life. To learn more or to speak to someone about your situation, contact the Law Offices of Robert M. Geller at 813.254.5696 to discuss your situation.

Archive

Tampa Bankruptcy Law Blog

Signs That You May Need to File Bankruptcy [Infographic]

What are the Signs You Might Need to File for Bankruptcy? Not everyone who struggles financially has to file for...
Read More

What You Should Know about Filing for Bankruptcy Multiple Times

Filing for Bankruptcy Multiple Times As hard as it might be for someone who has never considered filing to believe,...
Read More

Wondering How to Remain Eligible for Financial Aid? Here’s What You Should Know about Getting a Loan to Help Your Child Pay for College After Filing for Bankruptcy

How to Remain Eligible for Financial Aid Many parents want to help their children pay for college. But how do...
Read More

What Seniors Need to Know about Bankruptcy

Bankruptcy for Seniors Facing bankruptcy at any age is tough, but bankruptcy for seniors is especially difficult. When you’re relying...
Read More

Should We Expect a Huge Rise in Bankruptcies Due to COVID-19 and Will You Be a Part of It?

COVID-19 News and What's Ahead for the New Year The latest COVID-19 news predicts that there will be a rash...
Read More

Why Does Bankruptcy Take So Long? How a Bankruptcy Law Firm Helps Make the Process as Efficient as Possible

Bankruptcy Law Firm Have you begun the bankruptcy process and you’re wondering why it’s taking so long? You aren’t the...
Read More

When Is It Too Late to Stop Foreclosure? Here’s What You Should Know If You Are Behind On Your Mortgage

When Is It Too Late to Stop Foreclosure? When is it too late to stop foreclosure and is bankruptcy your...
Read More

How to Avoid Being a Victim of Scam Calls for Student Loans

Scam Calls for Student Loans Student loans are one of the biggest burdens faced by college attendees. Even students who...
Read More

Can Medical Bills Be Included in a Bankruptcy? Here’s What You Need to Know

Can Medical Bills Be Included in a Bankruptcy? Medical problems are stressful enough without facing a significant debt burden after...
Read More

I’m Unemployed. Can I Still File for Bankruptcy?

Unemployed Bankruptcy Being in debt is bad enough, but if you’ve lost your job recently or accumulated debt because of...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo comodo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions