You think an IRS Lien can make your life miserable, an IRS levy can just about ruin and damage your life like you've never known. How would you like to wake up one morning and learn that the IRS has cleaned out your bank account down to its last penny? They don't care if you can't pay your bills. Debts to the IRS come first. Levies are used to seize your assets - car, boat, paycheck, and even your Social Security check. They will seize anything of value. If they get a court order, they can seize your house. Luckily court orders for house seizures are very far and few in between, but it could happen.