The concept of debt is hardly a new one. As long as there has been currency in use in cultures around the world, bankers and creditors have existed, and this is certainly true today. In the United States, the Internal Revenue Service, or the IRS, is a major body for collecting taxes from American citizens and businesses alike. But the IRS is not the only example of a debt-collecting body (a creditor); banks and credit card companies often collect debts, too, usually when their customers are paying back loans (plus interest). For the most part, a debtor, such as an ordinary American citizen, will pay off a debt on their own terms with checks, cash, or digital bank transfers and withdrawals, and many loans have required monthly payments and set interest rates. Nothing unusual about that.
In other cases, though, a creditor may decide to take a more hands-on approach to debt collection such as bank levying. What is a bank levy? This is when a creditor may forcibly withdraw money from the debtor’s bank account, known as bank account levying, and a bank levy action may mean that the debtor does not even have enough money to cover basic living expenses such as rent and food. The creditor will simply instruct the bank to make that withdrawal, but the debtor may object to that and take legal action to protect their living expense funds. This is when the debtor may hire a bank levy lawyer, and the best tax attorney in one’s area may be available to help out. In some cases, a body such as the IRS may have the legal means to do this, but a debtor may, all the same, look for local bank levy lawyers to assist them. A bank levy lawyer can go a long way toward protecting a client’s money if hired in a timely manner.
Debt and the IRS
The IRS, as described above, is a major debt collection agency in the United States, responsible for collecting personal and business tax debts alike. The IRS may in fact audit a business tax return within three years of its filing if need be, and what is more, the IRS is capable of collecting back taxes owed from business that are up to 10 years old. The IRS’s fiscal year runs from October 1st to September 30th, and it may collect many millions of personal debts, too. In 2018, for example, estimates at the time said that the IRS would process some 155 million individual taxpayer returns. Nine in ten such refunds are issued within 21 days or fewer, though some returns need additional review and may be issued later. In the year 2017, meanwhile, around 119,853,012 individual tax refunds were made. Many taxpayer dollars are dedicated toward the likes of medicare, Medicaid, and CHIP, accounting for 26% of taxpayer money. Social security comes in second, at 24%. But what if someone has their tax money collected against their will?
Hire a Bank Levy Lawyer
If they have the legal means to do so, some debt collection agencies may perform a bank levy action against a debtor to collect money owed, such as banks, credit card companies, and the IRS itself. The problem, as mentioned above, is that a forcible withdrawal such as this may very well interfere with the debtor’s capacity to pay for basic living expenses such as rent or even groceries. That, and some tax payers may object simply on principle when their money is withdrawn against their will. If this happens, the debtor will have a narrow but definite time frame where they may hire a bank levy lawyer to assist them and represent them during litigation or even a court case.
Someone looking for a bank levy lawyer may look online with a search engine and find local firms, then visit and get consultations from the attorneys who work there (this may or may not incur a fee). The client may find and hire a lawyer whose expertise, success rate, and personality and educational background are to their liking. The client may also turn to their sheriff’s office for help, and also consult their local courthouse’s self-help office for guidance and suggestions.