When the IRS gets you with a levy, bad things can happen – your wages are frozen and you are looking at living without a paycheck. The money you need to pay bills is suddenly swiped out of your bank account. This presents an urgent dilemma requiring immediate relief. So, what are the two quickest [...]
IRS levies and property seizures
Here is a practical question from a reader about a concern of everyday living – IRS seizure of your car to pay your tax debt. If I own a free and clear vehicle that is ten years old and has 115k miles on it, and it is worth 4,000. Will it be seized if the [...]
Here is an issue to be aware of before filing a Chapter 7 bankruptcy on the IRS: I just completed a Chapter 7 bankruptcy. It was determined to be a no-asset case. A few months later, I got a letter from an IRS Revenue Officer stating that even though the taxes were discharged, they are [...]
If you are having trouble convincing the IRS to release a levy or seizure of your property, bankruptcy may be the solution. The filing of a bankruptcy creates what is known as an automatic stay against your creditors, including the IRS. As its name implies, the automatic stay is indeed automatic – the filing [...]
My response to a reader’s question about what happens to your bank account after the IRS hits it with a levy. The IRS has levied my bank account and there was not enough funds to cover the total levy. Will the IRS levy all future deposits until it is satisfied or can I continue to [...]
My clients with IRS collection problem come to me with different ideas about what will happen to them because they did not pay their taxes. Is the IRS going to show up one day and seize my house? Levy on my income so I cannot provide for my family? Shut down my business? When do [...]
