GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
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21:46 Feb 25, 2010 |
Bulgarian to English translations [PRO] Bus/Financial - Law (general) | |||||
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| Selected response from: Krasimira Kalcheva United States Local time: 21:05 | ||||
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to levy/freeze an account Explanation: Второто е по-разговорно. A bank levy is when your bank account is frozen and all or part of the fun in your bank account is seized. Bank levy's can happen for many reasons, however the two most common are due to unpaid taxes and unpaid debt. A bank levy just doesn't happen immediately; usually it is the result of a creditor trying to force a debtor to repay a debt. Obviously in the case of taxes, if the IRS has sent you a letter stating that you owe taxes and you either refuse to pay the debt or don't respond to their requests by either making a repayment plan or trying to work with them towards repayment, a tool they will use is a bank levy. They will freeze your accounts and seize any money in your account up to the amount that you owe. Reference: http://www.banklevy.org/ Reference: http://www.irs.gov/businesses/small/article/0,,id=108341,00.... |
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8 hrs confidence: peer agreement (net): +2
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