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What is the difference between a wage garnishment and a bank levy in Minnesota?

Whether you are facing a wage garnishment or a bank levy, you are dealing with a creditor who is trying to collect the money that you may owe directly and without you mailing a check. However, where that money comes from is different depending on whether you have been notified of a wage garnishment or a bank levy.

 

If you are notified of a wage garnishment, then your creditor will be taking a certain amount of money out of each of your future paychecks until the debt is satisfied. A Minnesota Notice of Bank Levy, however, does not indicate that money will be taken from your paychecks, but rather that the money will be taken out of your existing bank accounts.

 

Of course, there are limits on both wage garnishments and bank levies. Some of those limits and exemptions should be included in the notice that you receive. You may also have the ability to stop a wage garnishment or bank levy by filing bankruptcy or reaching an agreement with the creditor seeking to garnish your wages or levy your bank accounts.

 

In order to protect your rights, contact an experienced Minneapolis bank levy lawyer who can explain all of your options and help you make important decisions. For more information and to schedule a FREE consultation with a Minneapolis bank levy attorney, please contact us via this website or at 952.388.2942 or 1.800.619.8991.