Bank Account Levies and the Effects on Family Members
If you've just found out that your bank account has been levied, then you are probably in a state of panic. Having this done to your account can have some pretty devastating effects on you and on your entire family. Once you've discovered that this has happened to you, it's going to be in your best interest to try and work it out, perhaps through a debt consolidation procedure, before it becomes too much of a hardship on your family members. Letting this continue is not the responsible thing to do.
A bank account levy can have some pretty obvious effects on you personally, as the results from one can really end up marring your credit score. This can make it really difficult for you to get lines of credit in the future or to do something like rent an apartment. However, these effects don't just stop with you. They are also going to have a profound effect on the lives of your family members, and this is something that you don't want to see happen. Learn as much as you can about how bank levies can affect your loved ones, and this may encourage you to be more financially responsible.
Consider the Effects of Levies
Most obviously a bank levy is going to prevent you from accessing the money in your bank account. When this happens, think of all of the things that you won't be able to do. You won't be able to use any of this money to pay your bills and take care of your family. Your family could be forced to alter their lifestyles very dramatically and go without lots of things. It's going to make it difficult for you and your family to survive on a daily basis when you are going through a bank levy.
As noted before, a bank levy could negatively impact your credit score. When this happens, it could affect your family members in lots of different ways. You may not be eligible to qualify for certain loans throughout the next few years, and this could mean that you and your family would suffer. For example, you may not be able to get a car loan that will allow your teenager to have his or her independence. Also, you may not be able to help your teens get student loans to pay for college.
A bank levy could also end up forcing you to move out of your family home and into a smaller place. If most of your money is frozen by your creditors, then you may not be able to keep paying on your mortgage. When this happens, you may have to give up the place you have called home and try to find a place that you can afford to pay for in cash. When this happens, it can be really upsetting to your family members and cause them emotional stress that will be difficult to overcome.
Find a Solution
Bank account levies and the effects on family members can be difficult for you to deal with. As such, it's in your best interest to try and find a way to avoid this. A bank levy is only going to occur after multiple attempts have been made to collect a debt. If you have ignored these attempts then a bank levy will be your own fault. If, however, you are proactive about the matter and try to work something out, then you may be able to avoid this painful experience and keep providing for your loved ones.
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