Negotiating for a Bank Levy Release

If you owe back taxes that you have not been able to pay, then there are some severe actions that the IRS can take to try and collect the money that you owe to them. One such action is a bank levy, and this is something that ends up happening to a lot of people who owe funds to the IRS. When a bank levy occurs, all of the money in your bank account is going to be frozen, and it will be used to pay for these taxes that you owe.

When the IRS decides to put a levy on your bank account, it will not be without warning. You are going to get some warning first in the mail, and the IRS will give you the opportunity to work something out with them. If you ignore this and don't take the opportunity to do so, this when a levy may be placed on your account. Once your bank has been notified of this levy, then you will have 21 days before the funds are actually released to the IRS to pay for your debts.

Act as Soon as Possible

Once this freeze has been placed on your account, you are not going to be able to use any of the funds in it. That means that you won't be able to use any money in the account to pay your bills, or for any of the other daily expenses that you have in life. This can cause a lot of trouble for you and it can be embarrassing as well. If you want to make sure that you avoid this, then you need to start negotiating as soon as you possibly can and remember to read monthly debt manager statements.

It may be a good idea to look over your financial situation before you attempt to negotiate. You need to see how much money you have coming in and how much money you have going out each month if you are going to negotiate properly. You may be able to negotiate some monthly payments to get rid of your debt, or you may be able to work out an offer in compromise. What you decide to do will depend on how much money you have, so you need to think about this carefully before you end up doing anything.

Getting a Lawyer

One option that you have if you want to negotiate with the IRS is getting a lawyer to help you with this. For some people, financial issues such as this can be really complicated, and it can be hard to deal with alone. If you hire a lawyer, then your lawyer can choose to negotiate with the IRS on your behalf. This can make a lot of things easier on you in the long run, so you may want to consider it very heavily. It will cost you something, but it will be well worth it to have access to your bank account.

If you do decide that you want to get a lawyer to help you with negotiating for a bank levy release, then you will need to make sure that you can make the best case possible for releasing your funds. To do so, you will need to make sure that you gather as much information as you can pertaining to your financial situation. This includes things like bills for your rent and other necessities that you must pay for each month. If you don't gather enough evidence, then your case may not be as strong as it could be.