Have you ever heard of the term bank levy, but are unsure what it actually means? A bank levy is when your bank account is frozen and all or parts of your assets in the account are seized. Bank levies most commonly occur when there are unpaid taxes or unpaid debt.
A bank levy is one way that a creditor or the IRS can go after funds that are owed to them. If you have unpaid taxes and have not made an attempt to rectify your situation with the IRS then they can easily put a levy on your bank account up to the amount that you owe in back taxes. By doing so the IRS will insure that they receive the taxes they are owed and the remaining debt is paid in full. While this may seem unfair that the IRS can do this it is perfectly legal.
Creditors can also place a bank levy. Much like with the IRS, you have outstanding debt with a certain creditor that company can place a levy on your bank account seizing the amount that is owed to them. Because the IRS and many creditors can place a bank levy on your accounts it is vitally important to make arrangements to repay any debts if you can not make the full payments up front. By making these arrangements you will reduce the likelihood of the IRS or creditors placing a bank levy on your various bank accounts. Visit our site today for more info. http://www.doggedbyirs.com/
