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I was recently sued by a credit card company....?
I just received a notice of levy in the mail and my question is what exactly is a levy? I'm not sure if they are trying to get my car or my savings account. It just lists the banks name on the letter and both my savings account and my car loan are through the same bank. If it's my car they are getting I should be exempt and I need to know what kind of form that I have to file for an exemption. Thanks in advance for your help.
5 Answers
- KathrynLv 61 decade agoFavorite Answer
If you are still paying on your car loan, the credit card company cannot take your car -- it doesn't belong to you, it belongs to the bank. Plus, credit card debt is unsecured, meaning it is not attached to any asset you own. I presume the credit card company is after the money in your bank account(s).
- 1 decade ago
Call them and schedule a appt. to meet and talk about your situation. This can be worked out. They want money and they want it from you. They will loose if they take anything like a car. Also they will have to shell out the man hours. They want to resolve this as much as you. Dress well and go in with a business like demeanor. Don't get upset or emotional just discuss it with them in logical terms. If you ever say I cant/wont they will close the door on you. Be flexible and fair. They will to. Once they see you are responsable and working for a mutual resolution they will help.
- SaneLv 61 decade ago
They cannot levy the car if its encumbered. They are going after your bank account. If you take the monies out, you can be found in contempt of court. Time to get a lawyer.
- Anonymous1 decade ago
A levy means they can come after any unattached asset you own, in order to satisfy your debt.
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- Anonymous1 decade ago
I am not sure but Led Zepplin has a song called when the levy breaks....hope that helps