I just received a notice of Levy on my Bank Account. My account has a hold on it, so does that mean I can still be able to keep the funds in my account if I agree to a payment & file for an exemption on my accounts. Or is that monies GONE!

Generally a levy freezes the account for a period, before the money is actually removed and given to the judgement holder.

As far as getting the creditor to accept a payment schedule, why would they? They can take all of what's in your account.

If you legally can get an exemption that may be your better bet.