What is a levy?

A levy is a legal action taken by a creditor to force a debtor to pay off a debt. In Washington, a levy is the process by which creditors can take control of a debtor’s assets, such as bank accounts, wages, and property, in order to receive the money they are owed. When a creditor has obtained a court order or judgment against the debtor, this is when they can bring in a levy. It is not necessary for the creditor to physically take control of the debtor’s assets, but rather, they enforce the court order or judgment. The debtor’s assets are recorded and sent to a collection agency to retrieve the owed money. A debtor can be saved from a levy if a payment plan is agreed upon with the creditor. This will ensure that the debtor continues to make payments and is able to avoid a levy. If the debtor does not make these payments, the creditor can issue a levy and take whatever assets are necessary to pay the debt in full. This could mean that any money in the debtor’s accounts is taken immediately. Depending on the situation, the creditor can even take assets such as real estate and vehicles. It is important to note that creditors can only take assets that are non-exempt under Washington law. This means that certain assets, such as retirement accounts, may be protected. Overall, a levy is an action taken by creditors in Washington to force debtors to pay off a debt. It is a serious matter and should be discussed with a legal professional if a creditor attempts to issue a levy.

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What is a levy?

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