Shortcut Navigation:

Question for the Money Doctors

Question submitted on May 2, 2011.

Question

i am 32yrs.old i just start working again 3months ago. i found out my childs mother is on welfare and they''re taking a huge chunk out of my check. im in arrears of $13,ooo. being that i owe welfare,and they''re taking money out my check,can i open a bank account in my name, or purchase any cd''s/bonds? i heard welfare can put a levi on my account. is that true,even though there taking money out my check?

Answer

A levy is a legal seizure of your property to satisfy a tax debt. levies are different form liens. A lien is a claim used as  security for the TAX debt, while a levy actually takes the property to satisfy the tax debt.

You need to make arrangements to settle your debt, since any new accounts you open could be subject to seizure. Ask the government to review your case ..again.


For additional information visit http://www.360financialliteracy.org/