Bank Account Garnishment
Getting a garnishment for your bank account may happen more frequently than one can even imagine. There are regulations to follow if someone wants to obtain money from your bank account. Before we go further, we need to know what wage garnishment is. Wage garnishment pertains to money that is extracted from payroll, or from investment checks, to compensate debts. Bank accounts can be garnished and it leaves just about a shock to anyone. What usually happens is that the tax collectors of the IRS get hold of money judgments, and then they make use of that result to freeze and garnish your bank account. The IRS first notifies the bank and then alerts the debtor. This way the debtor’s funds are frozen before he or she can take any action such as cash withdrawal. Notifying the bank first is completely permissible. You typically receive the notice a day or two after the funds have been frozen. In most states, the bank account garnishment can only freeze accounts at the time of service on the monetary institution. During the time the garnishment is in effect, the financial organization cannot credit checks or other arrangements for the payment of money drawn against your account. This means any exceptional checks will more than likely bounce. The exception to this rule is if your account has more on deposit than the quantity of the garnishment. In this case, the bank can honor checks up to the amount that will help diminish your funds, or the amount that will put it to below the sum of the garnishment. When the amount being garnished is compensated, the freeze on your account must be terminated. However, remember that throughout the whole period that you have a garnished bank account, you will already feel crippled. Some say will say it is best to wait until the whole garnishment period is done, while there are some who will take immediate action to help stop the process. Yet taking action just to stop the bank account garnishment isn’t an easy task. Now, wage garnishment doesn’t have to ruin your life! At Premier Tax Resolutions, we know that you can put a stop to that crippling garnishment. Our best solution is to apply for a suspension of the garnishment and will take the challenge to minimize your debt. We have been in business for 60 years, have helped taxpayers in the country and won many cases far more complicated than garnished bank accounts. Call us toll-free at 1-800-554-0146 for a complimentary and confidential examination of your case and throw all your garnishment problems away!
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