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TJ, Esq.
TJ, Esq., Attorney
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My question is regarding debt collection. I have received a

Customer Question

My question is regarding debt collection. I have received a notice of levy on my bank account. I have incurred fees from my bank although there wasn't enough in the account to pay the debt. I am not disputing the debt and have contacted the law firm that obtained the levy to make arrangements. They were unwilling to make any arrangement that was managable. Secondly there is another debt in their system and they say the arrangement must be for both accounts. The total is small for both accounts 1550.00. I offered 250.00 a month. They insist on 400.

Do I have any recourse to have them accept my terms . The 250.00 is burdensome, and I would prefer something more comfortable. Can I stop any further levy action at this point? Sadly I have ingnored this which I am sure is not unique.

Ted
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 5 years ago.

Hello and thank you for allowing me the opportunity to assist you.

Question: “Do I have any recourse to have them accept my terms . The 250.00 is burdensome, and I would prefer something more comfortable. Can I stop any further levy action at this point? Sadly I have ingnored this which I am sure is not unique.”

Answer: Unfortunately, the answer is no. The creditor doesn’t have to accept anything less than full payment if it doesn’t want to, so the $400 monthly payment plan is already a concession. If you can’t agree on a payment plan, then the creditor is within its rights to go after you using all available methods – levying bank accounts, garnishing your wages, placing liens on your property, etc.

Having said all that, you can’t squeeze water from a rock. If you don’t have the money or assets, then levying bank accounts and placing liens may not be possible. In addition, although your wages can be garnished, the law will not allow more than 25% post-tax to be garnished. So, if your monthly income after taxes is $1000 or less, then the creditor should be happy with $250 a month (which is 25% of $1000). On the other hand, if you make more than $1600 a month after taxes, then a $400 monthly payment is a good deal since the creditor would likely be entitled to more … i.e. 25% of $1600 is $400. For example, if you make $4000 a month after taxes, then the creditor would be entitled to $1000 a month.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

If the information that I provided was helpful, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Thank you and good luck!

.

DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the State of Maryland. Accordingly, by continuing in this discussion and/or by “accepting” my answer you acknowledge that (1) we have not formed an attorney-client relationship, (2) my answer is general information only and is not legal advice, and (3) you should not rely on my answer in undertaking any course of action without first consulting with an attorney in person who can review all relevant facts.

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