Welcome back to Part 2 of our series on bank levies. In Part 1, we discussed a bank levy and how it works. This article will review the steps to avoid a bank levy and what you can do if a levy has already been placed on your account.
Preventing a bank levy is the best course of action. Here are some steps to avoid a bank levy:
Pay Your Taxes
A bank levy is often imposed due to unpaid taxes. To avoid this, paying your taxes on time to the IRS or your state is important. You can opt for a payment plan if you cannot pay in full. This will prevent the IRS from taking other actions like wage garnishments or liens.
Respond to Creditor Notices
Your creditor might send you notices regarding missed payments, late fees, or other issues with your account. Responding to these notices promptly and addressing the issue at hand is important. Ignoring these notices can lead to further collection actions like legal action or debt collection agencies getting involved.
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Keep a Low Balance
Managing finances can be tricky, especially when you have a history of unpaid debts or tax liabilities. In such a scenario, keeping your bank account balance low can be a smart move to avoid further financial troubles.
One approach to do this is by setting up automatic payments for your bills and expenses. This ensures that your payments are made on time and reduces the risk of late payments. Consider reducing your expenses and cutting back on unnecessary purchases to help keep your balance low.
Use Exemptions
Certain funds in your bank account may be exempt from levy depending on your state. For example, some states exempt Social Security, disability, and unemployment benefits. If you receive these benefits, inform your bank and provide the necessary documentation to claim the exemption.
What to Do If a Bank Levy Has Been Placed on Your Account?
Verify the levy: Make sure the levy is valid. The IRS or creditor must follow specific procedures before placing a levy on your account. They must send you a notice of intent to levy, give you time to respond and obtain a court order. If they do not follow these procedures, you can challenge the levy.
Contact the creditor or IRS: Once you verify the levy, contact the creditor or IRS to resolve the issue. You can negotiate a payment plan, settle the debt, or request a levy release. You may qualify for a hardship release if you are facing financial hardship.
Claim exemptions: If you believe you qualify for an exemption, inform your bank and provide the necessary documentation. The bank will release the exempt funds, and the creditor or IRS can only levy the remaining balance.
Appeal the levy: If you disagree, you can appeal the decision. The IRS or creditor must provide you with the appeal procedures. You can also request a collection due process hearing or file a lawsuit in court.
Final Thoughts
A bank levy can be a stressful and challenging situation. However, by taking the steps mentioned above, you can avoid a bank levy or resolve the issue if a levy has been placed on your account. By taking these steps, you can protect your assets and financial future.
Protect your hard-earned money from bank levies with Advance Tax Relief LLC. Our experienced tax professionals offer customized solutions to help you avoid bank levies and resolve tax issues. Contact us now for a free consultation and regain control of your finances.
Seeking professional help when handling back taxes can help you avoid the discussed errors. At Advance Tax Relief, we offer specialized tax resolution services to help you deal with IRS debt.
Our experts can help rectify erroneous tax bills and guide you in picking a suitable repayment program. Contact us today (713)300-3965 for back tax filing and tax relief services.
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