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What exactly is a levy?
I recently had a credit card company sue me and I just received a notice of levy in the mail. I originally thought they were going to take my car because it has the financial institutions name on it that I am financing my car through but I just remembered I have a saving account there. Are they going after the account or my car?
3 Answers
- raichasaysLv 71 decade agoFavorite Answer
A levy is an order that allows the judgment creditor (the company that has successfully sued and won a judgment against you) to take your property.
That property could be the savings account and the car. Usually, the levy order will be addressed to someone, like the financial institution, and order them to turn over all of your property in their possession, up to the amount of the judgment owed.
However, this levy is probably only for your savings account. That's because you are financing the car, so it belongs more to the bank than it does to you. In fact, you are probably not even on title.
- Anonymous1 decade ago
Bye bye Miss American Pie, drove my Chevy to the levy, but the levy was dry. Seriously, take the notice to a lawyer. They can put a levy on your house, car, and anything else you own.
- cyanne2akLv 71 decade ago
Yes, and any other assets you may have. I suggest you speak with an attorney about your options. A levy is a judgment against you.
