Our New Jersey Debt Relief Lawyer Explains Your Options if There Is a Levy on Your Account
You've recently received a notification from your bank indicating that your account has been frozen, or maybe you've noticed that your checks are bouncing despite having sufficient funds. Either situation leads to the same realization: a creditor has enforced a levy on your bank account in New Jersey to satisfy a judgment. Undoubtedly, this isn't an ideal way to begin your day, and it's natural to wonder: How could this happen without me being aware of it? As a New Jersey debt relief lawyer, I have assisted clients in similar situations and understand what to do if there is a levy on your account that you didn't receive notice of.
Are Creditors Required to Give Notice of a Bank Levy?
Why didn't you get a notice that the creditor would levy on your bank account? Are you wondering if they are supposed to tell you in advance? Well, the answer is no, they are not required. New Jersey law allows a creditor to levy on a bank account without giving you notice in advance.
Imagine discovering that a creditor intends to levy your bank account in the next seven to ten days. Naturally, your instinct might be to close the account to prevent this. Considering this potential reaction, the law permits sudden, targeted action against your account. Yet, this doesn't imply that the creditor can seize your funds without prior notification or offering you an opportunity to contest their action.
How to Fight a Bank Levy
When your account is levied, the creditor doesn't take the money; the bank freezes it. They hold it administratively pending further order by the court. The creditor must then make a Motion for Turnover of Funds, with notice to you, allowing you to object.
You don't have to wait for this, however. You can file a motion to object to the levy and be heard. There are some defenses to a levy, so you should assert your rights if you have one. A creditor can freeze your money without notice, but it cannot take it from you without a fight.
What You Can Do If There is a Levy on Your Account
You first need to download my free Bank Levy Survival Kit to fight it yourself without hiring a lawyer. But you still need to deal with the debt after the levy. If you live in New Jersey, owe more than $10,000 to the creditor, want a lawyer to represent you to negotiate a payment plan, and are ready to take action, just click this link to schedule a call with me to discuss your case.
Want more information on how to fight back with your creditors? Then download my free book, The Biggest Secrets Your Creditors Don't Want You to Know. Become empowered and protect your rights! Are you a visual learner rather than a reader? Do you enjoy watching YouTube to learn new things? Then check out my 3-part video series on how creditors use lawsuits in New Jersey to collect debts. Just click here for more information on how to get the links!
However, if your debt situation goes beyond one or two creditors, and you are wondering whether you need a solution to a bigger problem, then download my free book, Am I In Too Deep? A Guide to Knowing When You Need to File Bankruptcy in New Jersey to find out if bankruptcy might be the solution.
