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What is a levy?

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Anonymous

10y ago
Updated: 9/11/2023

A levy in financial terms, is one way in which a writ of judgment can be enforced to collect a debt. Sometimes wage garnishment is referred to as a "levy against earnings". More often a levy is placed against bank accounts.

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10y ago

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In what year did Levy Acquisition Corp - LEVYW - have its IPO?

Levy Acquisition Corp. (LEVYW) had its IPO in 2014.


Why would a bank put a court levy on your account?

A court levy is actually put in place by a court, the bank is required by law to comply with the court. The reason the court may have put a levy on your account is usually due to an unpaid debt. I would contact your bank and try to find out the details. In most places, the bank is required to provide notification of a levy, but not until after the levy action has taken place.


Could a credit levy and garnish your wages at the same time?

Can a collection agency already garnishing you also levy your wages


Difference between bond issue vs tax levy?

A bond is a formal secured debt contract to repay borrowed money with interest.A tax levy is paid by an individual or a business to payoff back taxes, like wage garnishment, wage levy, bank levy. The IRS issues wage garnishments and bank levies on taxpayers who owe back taxes or have not filed their tax returns. When a tax levy is issued, the taxpayer has options and rights to resolve their tax problem and release or stop the levy.


How do you settle a debt after a levy?

To settle a debt after a levy, first review the details of the levy to understand the amount owed and the terms of repayment. Contact the creditor or the agency that issued the levy to discuss options for repayment, which may include negotiating a payment plan or settling for a lesser amount. Ensure to get any agreement in writing. Finally, once the debt is settled, request a release of the levy to prevent further collection actions.