‘…the Notice of Levy will likely overdraft my bank account by thousands of dollars — is there anything I can do?’: I’m facing a financial crisis with credit card debt – what steps can I take to protect myself?

Hi Money Minder,

Hey there! So, I just received this scary Notice of Levy from Bank of America for credit card debt. The amount they’re asking for is more than double what I have in my bank account right now. I’ve heard they can take all of it and even bring my account into the negative by thousands – talk about stress!

I’m planning on sending in a claim of exemption and a financial statement, but honestly, I’m not feeling too optimistic about it being accepted. I mean, I obviously need that money to survive, right?

Do you have any advice for me on what steps I should take next? Any suggestions would be greatly appreciated!

Thanks in advance for your help!

Take care,

Financially Frustrated

Response from THE MONEY MINDER:

Hello There,

I am sorry to hear about the situation you are facing with the Notice of Levy for your credit card debt from Bank of America. It can indeed be a daunting experience, especially when the total amount exceeds your current bank account balance. Sending in a claim of exemption and a financial statement is a proactive step, and it shows that you are taking charge of the situation.

While it is understandable that you may have concerns about the acceptance of your claim, it is essential to ensure that you provide all necessary information and documentation to support your case. Be thorough and organized in detailing your financial situation, expenses, and any extenuating circumstances that may impact your ability to pay off the debt in full.

In addition to submitting the claim of exemption and financial statement, it may be beneficial to seek guidance from a financial advisor or credit counselor. They can provide you with valuable insights and advice on how to best navigate this situation and explore potential options for resolving the debt.

It is crucial to stay proactive and engaged throughout this process. Stay in communication with Bank of America and follow up on the status of your claim. Keep track of all correspondence and documents related to the levy and your financial situation for reference.

Remember, taking steps to address the debt and seek assistance is a positive move towards resolving the issue. While the situation may seem challenging, staying proactive and seeking help can help you navigate through it. Take one step at a time, and remember that there are resources and support available to help you through this difficult time.

Take care and best of luck in addressing this issue,

THE MONEY MINDER