Wage Garnishment and Bank Levies are tools employed by creditors and tax authorities, such as the IRS, to recover debt or unpaid taxes. These measures involve seizing a portion of an individual’s earnings or freezing their bank accounts to satisfy outstanding liabilities.
Wage Garnishment: A Wage Garnishment entails a portion of an individual’s income being withheld by their employer and remitted to the creditor / tax authority. The process includes notice, employer notification, and regular payments until the debt is cleared.
Bank Levies: Bank Levies involve freezing a debtor’s bank account and appropriating funds to cover unpaid debt / taxes. Following a notice period, the bank is instructed to set aside a portion of the funds, which are released to the creditor / tax authority if the debt remains unresolved.
While Wage Garnishment and Bank Levies are effective for creditor / tax collection; however, these can result in financial hardship for the debtor. Our Wage Garnishment services are designed to help protect your financial interests. We guide our clients through appeals, negotiations, and resolution strategies, helping mitigate the impact of these collection actions. Some alternatives include obtaining Installment Agreements or Currently Not Collectible status. With CPA CLINICS, taxpayers can work toward resolving their tax debt effectively and minimizing the impact on their financial well-being.