Missouri | Credit and Debt Law
Legal Question
what is a levy......and what is an exemption from levy?
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Read More Answered By: Anthony Smith |
Levy is basically a cost or expense or judgemtn debt being collected through the attachment (taking) and selling of the debtors' property or transferring of the funds to the party owed the debt. An exemption to a levy is property that the law says a debtor can protect from levy and execution. Some examples are 90% of wages for a person who is head of household (75% otherwise) or a retriement fund or a vehicle not being repossessed by the secured lender.
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