The holiday season can be stressful. This is especially true if you have received a court judgment against you from a creditor. If so, you are probably worried about your wages being garnished or a bank levy being placed on your accounts.
What is a Bank Levy?
The bank levy process begins when when a creditor has been authorized to remove money from your bank account. This can only be done after receiving authorization from a judge through a court order. Once the levy is in place, your bank account(s) are frozen. During this time, you are unable to access your money until the debt is repaid. You do, however, have the ability to have the levy lifted, which is why you should speak with a qualified attorney.
How Do I Stop a Bank Levy?
Since bank levies can remain in place until your debt is paid off, creditors may use the same tactic more than once until the debt is satisfied. This can happen when you do not have sufficient funds in the account.
The best way to stop a bank levy is to speak with an attorney. There are a number of reasons for which a bank levy can be stopped. For example, you may not have been properly notified and legally served. You will want to be sure that there is no creditor error or identity theft. An attorney can look into if the debt in question is passed the statute of limitations and advise you of the best options for your situation. Bankruptcy and negotiation with your creditors are also options to speak about with your attorney.
What is a Wage Garnishment?
A wage garnishment from a judgment occurs when a court issues an order requiring your employer to withhold a specific amount of money from your paycheck. This money is used to pay off a debt in small installments until the debt is paid off. It is also important to note that the wage garnishment will show on your credit report and affect your credit score. You should also be aware that the IRS can garnish your wages or place a levy to recoup money owed.
How Do I Stop a Wage Garnishment?
You are able to end a wage garnishment by working directly with a creditor or filing bankruptcy. You should try to negotiate with a creditor to come up with a payment plan. Make sure that you will be able to maintain the plan. Or, you can explain to the court that you feel the garnishment should be reversed.
The idea of bankruptcy may be scary. However, in many cases, it is a great way to start fresh. Did you know that some debts can be completely discharged? Those that cannot be discharged can be greatly reduced. If you are unable to negotiate with the creditor to stop the wage garnishment, you may want to seek out a professional bankruptcy attorney to review your situation.
Need More Information?
At the Law Office of Daniela Romero, we believe in relationships that are based on trust. Before we work together, we would like to get to know you and we would like you to get to know us. We want you to be sure you are the right fit for us and that we are the perfect fit for you. This will allow you to be completely comfortable sharing intimate and difficult details of your case, so we can offer you representation to the fullest extent of the law. Call us today to set up a free consultation.