Property Seizure

In very serious, ongoing cases of tax debt, the IRS may utilize property seizure. When the IRS believes that monetary value can be obtained from your asset(s), it will determine how much equity is in an item such as a car, boat or home. If the equity is over 20%, your property may be taken and sold at an auction as payment for your debt.

Property seizure is not very common nowadays, as it is often not valuable. If you own a home worth $100,000 with a $90,000 mortgage, for example, then the equity is low and seizing it might not be worthwhile. Home and business seizures in particular are especially rare, but they DO happen.

If you receive a notice of seizure, or if you think that your debt situation may be leading to such action, you should contact a tax professional. On DebtHelp.com, you can find a company on our extensive network that will work for you, to find your debt solution.

Bank Levy

A bank levy essentially funnels the money in your bank account(s) to the IRS. When the IRS serves a levy to your financial institution, all of the money in your account(s) at that moment, up to the amount that you owe in tax debt, is removed by the bank. Leaving you little or nothing, the bank must send this money to the IRS. Even the interest earned during the transition time must be sent.

It is very difficult to get a refund after your money has been seized by the IRS. Fortunately, there is a holding period of 21 days before the bank sends your money, during which time it is crucial that you work with a tax expert to implement a new solution for reconciling your tax debt.

A bank levy can be devastating to your everyday life. Within our network of resources and expert advice at DebtHelp.com, you can find a company or agent to help you prevent a levy on your accounts, release a levy within the holding period, or attempt to retrieve your money from the IRS.