Los Angeles Bank Levy Lawyers
Protecting Your Assets
When your creditors are seeking a bank levy, it can be a scary and confusing time. How can they just take money out of your bank account without your permission? What if you were saving that money so that you could pay your mortgage and not lose your house? What if you had already earmarked that money for food, utilities, rent, or other bills that you need to pay?
At SM Law Group, APC, our Los Angeles bank levy attorneys can help you protect your assets when your creditors attempt to seek a bank levy against you. In some situations, you may need to consider filing for bankruptcy to put a stop to creditors seeking judgment liens, wage garnishments, and levies on your assets. Regardless of your situation, our attorneys are compassionate and experienced in handling these types of matters and can help you when you call.
How Do Creditors Get Bank Levies?
If you owe a creditor such as a credit card company, a bank who loaned you money, or a business debt holder, your creditor has many different options to try to recover the money they are owed. One way is by seeking a judgment lien from the court system, where they get an interest in the form of a lien on an asset you own.
Liens can attach to:
- Personal property
- Bank accounts
When a judgment lien is assessed against a bank account, it is called a bank levy. A bank levy then allows the creditor to draw funds from your account without your permission to satisfy the judgment issued by the court for the amount that is owed to them.
How Can I Stop a Bank Levy?
If a creditor is in the process of seeking a bank levy or other type of lien, you may have some options and means of stopping them from accessing your funds.
Ways to stop bank levies can include:
- Filing for bankruptcy: When you file for bankruptcy, creditors will no longer be able to seek liens, wage garnishments, or bank levies to satisfy the debt. They will instead be forced to utilize the bankruptcy process, where certain amounts of your assets will be protected against the creditors and unreachable through the bankruptcy process.
- Filing a claim of exemption: There are certain types of funds that are exempt from creditor collection, and therefore cannot be obtained through a bank levy. Examples of exempt funds include Social Security benefits, workers' comp, unemployment, disability benefits, 75% earning paid 30 days prior to the levy, and more. Check with an attorney to see if you have exempt funds.
- Debt negotiation/settlement: You can work with an attorney to settle the debt. This can include creating a payment plan or making a settlement offer.
Our experienced attorneys have helped many men and women in the San Fernando Valley area and across Los Angeles prevent bank levies through bankruptcy and we can help you, too.
Call SM Law Group, APC Today
If you are experiencing difficulty paying your debts and you are facing a bank levy, SM Law Group, APC can help. We have successfully helped many clients in the San Fernando Valley fight off wage garnishments, bank levies, and judgment liens on their homes and possessions. We believe that someone facing financial difficulties deserves the support of a full-service law firm that can help them stand up to their creditors and ensure that the solution works for the debtor and their family and allows them to get on track towards a healthy financial future. If you are looking for attorneys who care about your financial health and want to help you, call us.
Call us to take advantage of your free consultation today at (818) 805-1758.
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