What Is A Levy And Execution?

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What Is A Levy And Execution?

A levy is a legal method that a creditor may use to seize (take) property that you own. Most commonly a levy refers to an action by IRS or the state tax agency (Arizona Department of Revenue here) to take something from you. Seizure of property to satisfy a judgment would ordinarily be referred to as "execution," since the sheriff is executes the judgment by taking the property from you for it to be liquidated to pay the creditor.

Other Arizona Collections-Creditors Rights FAQs

Q: What Is A Judgment Lien?
A: A judgment is the formal decision of a court. It is impossible here to determine what the meaning of a judgment is without seeing it, but it is reasonable to assume … More
Q: Who Is The Judgment Creditor?
A: A judgment creditor is the party in whose favor a money judgment was issued and is entitled to enforcement of the judgment through liens, execution and levy.
Q: What Is A Wage Garnishment?
A: It is a form of execution and levy, a legal process of enforcing a money judgment by directing the employer of a judgment debtor to pay a portion (typically up to 25% … More
Q: Can A Creditor Ask A Debtor To Reaffirm A Debt?
A: Yes, this means that the creditor is asking that the debtor pay the debt anyway, even after it has been discharged. A debtor may be willing to do this if there is a … More
Q: How Are Money Judgments Enforced?
A: "Voluntary" Compliance Very often a judgment debtor will pay the money owed to a judgment creditor and thus satisfy the money judgment. If the judgment debtor … More