Let’s look at a couple ways to stop bank foreclosure and get back to living life.
If Bank Foreclosure Is Not For You Then Read This
Bank levy is seizure of money lying in the bank account of the tax payer. In all cases of levy, thirty days notice is given by the IRS to the tax payer. Once the money lying in the bank account on the day of the levy is paid up to the IRS, the bank account can be operated normally. Future deposits in the bank account are not required to be handed over to the IRS unless, of course, another levy is done on the bank account.
Certain amount required for the basic living needs of the tax payer are exempted from the levy. The tax payer has to furnish information in the matter through his employer.