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What does it mean to have a levy on your property?

A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a legal claim against property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax debt.

What happens if you dont pay levy?

Legal Consequences: Court Judgment: This can escalate to obtaining a court judgment against the defaulter, leading to wage garnishments or the attachment of assets. Eviction: In severe cases, the body corporate can obtain a court order for eviction if the owner consistently fails to pay levies.

What does levy judgment mean?

A levy is the legal seizure of property to satisfy a debt. Levies are usually an attachment or garnishment for a tax debt or a court judgment requested by the creditor of the debt. The term levy may be more commonly used than attachment or garnishment in some cases.

Is a levy the same as a garnishment?

If your money is exempt, you must act quickly to stop the bank levy. You must send a Claim of Exemption within 15 days of when you received the Notice of Levy (20 days if you received it in the mail). If you wait longer than this, the sheriff will give the other side the money and you wont get it back.

What is a levy Judgement?

A bank levy is when the sheriffs office takes money from your bank account to pay the judgment creditor (person the judge ordered you to pay) or debt collector.