Tax Debt Solutions Blog

Circumstances That Allow You to Get IRS Bank Levy Release Help

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To get IRS bank levy release help, you should first note that there are two main ways you are able to get released from a bank levy: if the levy has been paid off (meaning you are no longer in debt to the IRS) or if the statutory collection period for the levy has expired. In the later case, if the issue of levy has been served before the end of the expiration period, you will still have to pay. You will only be released from paying the bank levy if you are not served the levy within the statutory collection period.

However, you can get relief from a bank levy in certain other circumstances. IRS bank levy release help can be gained if it is determined that it will result in some kind of economic hardship if you pay off the levy. “Economic hardship” is defined based on the minimum income an individual needs for their basic needs of food, shelter, bill payments etc. If it is determined by the IRS that you will be unable to pay for these things, the levy will be cancelled.

One of the most common methods of getting IRS bank levy release help is through making an installment agreement with the IRS. You may wish to do this if you owe a lot (especially if you owe more than you have) or if you don’t have a lot of income. How much you will have to pay per installment can vary, but installment agreements are a very good way to get bank levy release help as they can really take the strain off your finances.