Bank Levies – More Effective, Less Expensive
The bank levy is an important judgment collection tool in California. It “sweeps” the funds in a debtor’s bank or brokerage account. Historically, to levy a debtor’s account, a creditor was required to serve a Notice of Levy on the specific bank branch at which the debtor’s account was located, and a debtor’s funds remained ...
Companies are still “on the hook” even after filing chapter 7
When pursued by creditors, corporations and limited liability companies often threaten to “wipe out” obligations by filing chapter 7 bankruptcy. Creditors should be aware that corporations, limited liability companies, and partnerships cannot discharge debts via chapter 7 bankruptcy. When an entity files chapter 7, §362 of the Bankruptcy Code imposes an “automatic stay” which temporarily ...
