You don’t have a large “emergency fund,” “nest egg,” or simple savings account. You are trying hard to make ends meet for yourself and your family, and you are at a loss as to what to do when you receive a Notice of Levy indicating that the content of your bank account(s) may soon become the property of a creditor. Before you panic, it is important to understand that some of the money in your accounts may be exempt from bank levy and that you have the right to contact a Minnesota bank levy lawyer.
Possible Exemptions to Minnesota Bank Levy
Some of the funds in your bank accounts may be protected from a bank levy proceeding. Those funds may include, but not be limited to:
- Government benefits such as social security benefits, workers’ compensation benefits, veterans’ benefits, Medicare, Minnesota Family Investment Program funds, and others.
- Money received from an accident or disability claim.
- Payment from a life insurance policy.
- Child support payments.
- Money earned by a child in your custody who is under age 18.
In order to claim these exemptions, you must follow the exact instructions contained in your Notice of Levy. Failure to do so could result in the funds being levied despite their qualification for exemption.
Contact an Experienced Minneapolis Bank Levy Attorney to Learn More
For more information on how to claim these exemptions and make sure your rights are protected, please contact an experienced Minneapolis debt attorney at MN (952) 920-1001 or AZ (480) 207-2203 or via our website today for a FREE consultation.