Do we lose all of our money in our checking account if there is a Levy on it?

No, but I am assuming you mean if there is a restraint, not if there is a levy.  The restraint precludes any account activity. The levy is the act of taking.  Much depends on the balance of the judgment and the balance available in the account.  The account may be restrained for up to twice the amount of the judgment debt.  The first $1740 is exempt from restraint as well.  Also, if the account is jointly held with a non-judgment debtor, a levy can only be completed upon the issuance of a turnover order. Please feel free to visit my website for services offered.