It is important to know what a bank levy is and how it can occur. If you have back taxes, the IRS or FTB can levy your bank account.
When you owe taxes to the IRS or CA FTB, they will go to your source of power; your bank account. They’ll deal with your bank account first and foremost, and try to freeze you from having access to that account. This is used as a means of making sure that you have to pay back what you owe, as your assets are essentially frozen until you do.
Bank levies take place because someone is not paying what they owe. If you find yourself in this challenging scenario then it might help to turn to a professional who can help you get out of this tight spot, like an accountant. They can take a look at what is wrong with your situation, and the best way to find a fair and honest solution out of it.
This can be repeatedly carried out until you pay off all your debts, so don’t think you can just ignore or run away from a bank levy. This is a problem that will keep coming back, and continue to annoy you financially until you deal with it.
Whilst income like social security income cannot be levied, if you have any kind of income or asset with your bank then it could be in jeopardy. If you face the potential of a levy then it helps to get in touch with a team of experts who can help to deliver a comprehensive solution, helping you handle the levy.
