A levy is essentially a “freeze” on your bank account or accounts. When a levy has been placed on an account, no withdrawals, transfers or transactions may take place and all the money is collected and sent to the creditor to whom the debt is owed.
The money is then applied to the balance of the judgment. A creditor may receive all funds not protected by law. Items such as Social Security payments are protected.
If you deposit more money in the account, that money will also be levied until the debt is paid in full.
If you currently have a bank levy on your account and need assistance, the law office of Kathryn J. Synor, LLC can help you. Call us today and get help from an experienced Missouri collections attorney.