| It Starts: It took years, but Julia finally payed off her | | | | advantage of this limited time frame and acted swiftly. |
| student loans. She had ignored some other debts to | | | | The Hardship: Julia had two kids at home to take care |
| pay off the loans. She even ignored some letters from | | | | of. The money in her bank account had to be used to |
| the IRS, they didn't seem too important. She even | | | | buy food for the kids and keep a roof over their |
| ignored a letter entitled "Final Notice and Intent to | | | | heads. Julia qualifies for a hardship plan. In order to |
| Levy"... | | | | qualify, you have to prove you will go without basic |
| Locked out: Julia had waited all week for this day. It | | | | needs (which include: food, housing, basic clothing, |
| was payday, the best day of the week. But her trip to | | | | school supplies, transportation, work tools.) Julia tried to |
| the bank left her in shock. Julia didn't realize how | | | | fill out all the IRS paperwork proving she needed to be |
| serious those letters from the IRS really were. The IRS | | | | in Hardship Status, but it was all over her head. |
| had frozen her bank account! | | | | Help Is Here: With the help of a Tax Professional, Julia |
| The One and Only: Julia needed a reality check. When | | | | realized she qualified for a Hardship Plan. The IRS did |
| you have IRS Debt, their payments come first. The | | | | not levy the money in her bank account, and granted 6 |
| IRS is the most powerful collections agency in the | | | | months to get her finances in order before the IRS |
| world. Other creditors can call you but they can never | | | | continued the collection process. |
| seize the money in your bank account without warning! | | | | Bite the Bullet: The lesson is simple. Pay the IRS first! |
| Act Fast: When the IRS places a Bank Levy on your | | | | Julia wanted to get her Student Loan debt out of the |
| account your account is frozen and you have no | | | | way, but she didn't think about the IRS. Don't forget, the |
| access to your money. You have 21 days before the | | | | IRS does not need to go to court to levy your bank |
| IRS cleans out your bank account. This is the time they | | | | account or your paycheck. So you have to act fast! |
| give you to contest the levy or the debt. Julia took | | | | |