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Do you owe the IRS or State back taxes? Have you tried to negotiate your tax debt yourself, only ending up more frustrated than before? If you're like millions of other Americans, the answer is a resounding yes.

Nation's Top Bank Levy Negotiators

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Bank Levy

A bank levy is when your bank account is frozen and all or part of the fun in your bank account is seized. Bank levy's can happen for many reasons, however the two most common are due to unpaid taxes and unpaid debt.

A bank levy just doesn't happen immediately; usually it is the result 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 either refuse to pay the debt or don't respond to their requests by either making a repayment plan or trying to work with them towards repayment, a tool they will use is a bank levy. They will freeze your accounts and seize any money in your account up to the amount that you owe.

An IRS Bank Levy is much more difficult to release than a Wage Levy. Can it still get it done? Sure, we do it all the time.

An IRS Bank Levy tends to make people panic more than a Wage Levy does. In all the years releasing levies, we have heard a higher level of anxiety in people's voices when they call us after their bank accounts have been levied.

The bank account can be almost any type of account (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 account will be seized. If there is not enough money in the account, all money will be removed and your account will usually remain frozen until the debt is paid off.

Bank Account Levy

IRS has special rules and requirements for IRS Bank Levy releases. Not only do they follow the general rules for their wage levies, but they have additional and very specific requirements that must be met before they will release a bank levy.

It should be noted that while the IRS are usually the ones that use this method the most, other creditors have used this method to receive repayment for their debts. For instance, if you have a judgment against you for a credit card debt, the creditor can file for a bank levy to be placed on your account. While state laws differ, in most cases certain monies in your account are exempt including welfare payments, social security payments, VA benefits, child support, etc. If a bank levy has been placed on your account by a creditor, you usually have 30 days to contest the levy (in the case that monies that were seized are exempt). If a bank levy occurs, you should contact the court to find out how to file for an exemption immediately.

It should be noted that a bank levy can occur frequently and it is not a one time event. A creditor can request a bank levy as many times as he or she would like to until the debt is paid off. Many banks charge a penalty to their customers if their bank account receives a levy. This amount can be over $100 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 account 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 employer deposit money into your account, this money will be seized as well.

Act Fast: When you know your money is on the line, you have to act fast! The IRS won't give up without a fight, but now you're armed with the knowledge you need to quickly fight back and save your money.

A Bank Levy is a tool used by the "enforced collections" department to collect back taxes owed. Both the IRS and State Taxing agencies use the method. An IRS bank levy is a "one time" levy of funds that are in the account at the time that the bank receives the levy notice. The bank is instructed to hold or a freeze these funds for 21 days then they send the funds to the IRS. State agencies have different usually shorter holding periods.

The Levy can be released during this holding period - but only under certain circumstances. We can help you. Fill out the form above to release your bank account funds.

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