Bank Garnishment
Having a bank garnishment from the IRS or state agencies placed against you can paralyze your finances
. A bank levy may occur if you do not to pay your income taxes or have an outstanding balance from past tax seasons. It is important to act quickly if you are unable to pay your taxes in full. The IRS or state authorities will aggressively pursue full payment from you, including garnishing wages or your bank account. If you are financially unable to pay your taxes, it is imperative to hire a tax attorney to contact the IRS on your behalf before adverse action begins. A knowledgeable tax attorney will advise you of your rights and what to do to avoid having any judgments taken out against you. A bank levy or wage garnishment is efficiently resolved with the help of a tax attorney. No action on your part will force the IRS to pursue a bank account garnishment.
What can the IRS legally do regarding a bank garnishment?
It is completely legal for the IRS to proceed with garnishing your wages, levying your bank account, and freezing your assets until full payment is received. They are not required by law to inform you of this action prior to the judgment. Hiring a tax attorney before a bank account garnishing becomes necessary is the wisest step. They know the the tax laws and can inform you of options such as:
* Proving financial hardship
* Negotiating a payment agreement
* Offer In Compromise
Because most people are intimidated by the IRS, they delay resolution putting them at greater financial risk. You need a tax professional to represent you. There will be missed opportunities and increased expense if you attempt to deal with the IRS by yourself. Your credit and assets will be protected!
How can I get my money back?
The bank garnishment can be placed on any type of bank account whether it is savings or checking. The garnished money in the account is frozen by the IRS or state agencies and confiscated to pay off the outstanding tax debt. If adequate funds are not available, the bank account is put into suspension until the remaining balance is paid. Funds exempt from a bank garnishment are:
* Child support
* Disability payments
* Social Security payments
* Veterans pension
All other funds in the account can be garnished. It is common practice for the IRS or state agencies to collect outstanding tax debts via the bank account garnishment process. Under most state laws, if you disagree with the garnishment of your account, you can file for a notice to contest the seizure. Without the help of a tax attorney you can miss the 30-day deadline to contest.
Your rights and resolution
Any outstanding monetary transactions made prior to the bank garnishment are not valid and will not be honored. Your bank is required to return them for "Frozen Account" or "Non-sufficient Funds". When the IRS or a creditor garnishes your bank account without your knowledge the bank fees snowball and your financial integrity declines. To protect yourself before your bank account is levied; you need a qualified tax attorney to negotiate on your behalf with the IRS and other agencies.
by: Jimmy Newton
Logbook Loans Providing Bigger Amount Are You Looking Into your Mortgage Options? There Are Many Things to Enter in a Loan Modification Application Loan Modification Process - The Top 5 Questions And Answers I Need a Payday Loan- Immediate Solution to Your Entire Problems What Savings Can Be Received in a Loan Modification? Unsecured loans an easy way to handle money Checking Savings Account Loans- Painless System To Get Money Loans for Unemployed: Best one in needs!! Bridging Loans Loans For People On Benefits-overcome The Shortage Of Finance Water Cooler Dispensers: You Can Bank On Beware Of The Loan Modification Seminar