If a court has issued a money judgment against you, you may face collection proceedings. As New Jersey banking law attorneys can discuss, the bank levy is one of the most powerful tools your creditor may have against you.
The Bank Levy
When a creditor obtains a bank levy, this gives them the power to freeze your account.
New Jersey banking law attorneys understand how devastating this can be on your finances. Bank levees may also be ordered on your jointly held accounts. The creditor may then be able to seize a portion of your funds on deposit in order to satisfy the judgment against you. There are a variety of things you may do to respond.
Options for Dealing with a Bank Levy
First and foremost, contact skilled New Jersey banking law attorneys in the event your account is levied. Your attorney may be able to file a motion to remove the levy order if it was improperly filed or if the account itself should not be subject to the levy.
You’ll also need to understand ways to respond to the underlying money judgment. If you do not dispute the merits of the claim, you may be able to petition the court for a reasonable installment payment plan. Negotiation with the creditor is still an option as well. Depending on your financial circumstances, your attorney can explore the possibility of bankruptcy proceedings. If you’re eligible, bankruptcy can suspend any and all collections processes against you, including the bank levy. Make sure to discuss these options with your lawyer.
If your account has been frozen with a bank levy, it’s critical you speak to a qualified New Jersey banking law lawyer about your options to address it. To make an appointment with the offices of Snellings Law LLC, call 973-402-4892.