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Bank Levy in NY
Foster & Garbus has a bank levy for two accounts on one of my accounts. I am wiring funds for one account to release from another that they have not found and in the midst of that I found out they also have a levy for a second account on a much larger account. Can they do this and leave me with no money?
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From my experience yes, they can take everything and leave you with nothing. However, I found out from my bank that a levy is a one-shot deal. If there is not enough to cover the amount of the levy, they can take everything, but in order to get more, they must present the bank with another levy. So that buys you a little time to transfer your funds into a trust account, a corporate account, or just simply close the account.
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Yes, well the bank has not provided papers to creditor yet and there are no funds in the account that is levied until my direct deposit hits on Friday which I'm not sure I can stop.
I was told by the bank that I can not close or do anything because the creditor has it frozen and it is pending the bank to return docs to creditor so now what? I did close my other bank account and moved it to a corporate account I have. If I could close the account that would be great. Are u sure? |
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