If you haven’t made debt payments and creditors are going after you, you could face a bank levy. A bank levy is when the creditor takes the money from the bank account to satisfy a debt. However, a creditor can only perform a bank levy if they get a court judgment against you and the court grants them permission. If you believe that you could face a bank levy, there are various things you can do to avoid it.
How to Avoid a Bank Levy
By the time you find out that your creditor is preparing to levy your bank account, you will need to act fast. Below we have put together some tips to help you avoid a bank levy:
- Pay your bill or set up a payment arrangement. If you have the money to pay off your debt in full, doing so will help you avoid a levy. However, if you don’t have the money to pay off your debt, you might be able to come up with a payment arrangement.
- Try setting the debt for less than the full amount. Your creditor might be willing to accept less than the full balance amount since going through a court order and a levy is extensive work on their part. You will have to negotiate an arrangement to lower the amount you owe.
- If you already have a levy, you can get it lifted. You can get the levy lifted if you settle the debt or make a payment arrangement. If you were never served with a notice of the original suit, you might be able to get the judgment vacated.
Pursue a Legal Solution
Depending on the specific circumstances surrounding your situation, there may be a legal solution available for you. An experienced bank levy attorney can analyze your case and determine whether litigation, judgment removal, or a debt settlement are the right options for you. Our team at Jacovetti Law, P.C. is highly skilled and experienced in helping people throughout New York achieve financial relief. We find bankruptcy alternatives for our clients to find a solution that suits their best interests.
Contact our New York bank levy attorneys today at (516) 217-4488 to schedule a consultation!