How Does a Creditor Levy a Bank Account?
Reasons When a delinquent credit holder does not respond to a creditor’s attempt to collect a debt, the silence may actually speak volumes. Ignoring a debt gives the creditor the green light to proceed with the credit collection process. It gives the impression that the credit holder has no intention of working in conjunction with the creditor to pay down the debt, or to pay the debt off altogether. And when a creditor has exhausted alternative ways of collecting the money owed to them, they can go into court to file a judgment to collect the debt. After the creditor has been awarded the judgment, they have the legal right to attach a levy to any bank account held by the delinquent credit holder. A levy is a legal seizure of money from bank accounts to satisfy a debt. When a levy has been placed on bank accounts by a creditor, they have the legal right to keep the levy attached to the accounts until full retribution has been met. Process In order for a creditor to file a levy against y
