A bank levy can be the most effective tool in the debt collector’s toolbox when it comes to getting your money to satisfy a judgment for a debt. They just have to know where you bank, and they can tell a court officer to freeze the money in any account there with your name on it (up to the amount of the judgment).

One of the reasons this tool is so effective is that the vast majority of people who fall victim to it don’t know their rights under the law. New Jersey, as well as the federal government, have outlined certain sources of money that cannot be touched. But what if your money isn’t from one of your sources?

So What’s the Secret to Beating the Bank Levy?

The good news, and what your creditors don’t want you to know, is that New Jersey allows you to exempt up to $1,000 from the levy! That’s right, if you assert this right with the court, the creditor has to give you back levied funds up to $1,000! But because people don’t know this, they lose money to creditors that they could have gotten back!

Many people in financial difficulty do not maintain a lot of money in their bank accounts, so it is often the situation where the creditor has levied on less than $1,000, and has to give all of it back if you object.

So How Do I Object to the Levy?

Luckily, if you have fallen victim to a bank levy, you can petition the court to get this money back by downloading and using my NJ Bank Levy Survival Kit. It includes a form objection that you can fill out along with instructions on filing it. It will take a couple weeks or so for you to get in front of a judge, but it can be well worth it in getting the money back!

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. 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! Become empowered and protect your rights!

What Do I Do After the Levy?

The problem is, the bank levy is only the beginning. Even after you object and get some or all of the money back, you still have to deal with this creditor and make arrangements to pay on the judgment.

If you have already tried doing this, but have been unsuccessful, owe the creditor more than $10,000, would like help in negotiating, you live in New Jersey and are ready to take action, then I may be of assistance. As a former collections attorney, I know how they operate, so you can put my experience to work for you. I charge a reasonable, flat fee to negotiate with a creditor for payment arrangements. Just click this link to schedule a call with me to discuss your case.

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Steven J. Richardson
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Bankruptcy, Collections, Student Loan, DUI and Traffic Court attorney in Woodbury, NJ.