Tax Lien in Newark, Delaware

Find the right Tax Lien attorney in Newark, DE

Tax Lien Lawyers in Newark

In Newark, Delaware, a "lien" is a security interest placed on a piece of property, usually land or a house, to secure the payment of a debt. It generally gives a creditor the right to take ownership of any equity that exists in the property, to secure the payment of the debt. If the owner sells the property, the creditor may also be entitled to the funds of the sale, up to the amount owed. It can also give the holder of the lien a higher priority status, giving them an advantage over competing creditors, if the debtor files bankruptcy.

In Newark, Delaware, a "tax lien" is simply a lien imposed by the government to collect back taxes from a citizen or corporation, when other methods for collecting have failed.

Tax liens in Newark, Delaware are ineffective if the taxpayer doesn't have any property to place the lien on. However, basically any property, including that which the taxpayer acquires after the lien goes into effect, can be affected by a tax lien.

Tax Lien Procedure in Newark, Delaware

The process of imposing a tax lien on property in Newark, Delaware is usually fairly simple. The initial step is for the IRS or local tax agency to decide that a person actually owes back taxes, and that it is worth the effort to impose a lien.

Then, the IRS, or state tax authorities, send a "notice and demand," informing the taxpayer that they owe back taxes, and that they are obligated to pay their taxes within 10 days.

If this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this occurs, the IRS or Delaware tax agency will have significant rights against the taxpayer's property.

But, these rights are limited. In Newark, Delaware, and everywhere else in the United States, the IRS has 10 years to enforce a tax lien. If they do nothing about it within 10 years, the lien expires. This rule exists for a few reasons. First, it encourages the IRS to act as quickly and efficiently as possible, and not "sit on its rights." Also, it acknowledges the fact that any encumbrance on a piece of property, such as a lien, makes the property less valuable. By guaranteeing that the lien will either be satisfied or expire within 10 years, this prevents property from being withheld from the stream of commerce forever.

How Can a Newark, Delaware Tax Lien Lawyer Help?

If you end up having a tax lien imposed on your property in Delaware, you will probably have to deal with some fairly difficult legal issues, which might be complicated to a layperson.

So, it should go without saying that if you are facing the prospect of your home or vehicle being slapped with a tax lien, you need to seek the advice of a reputable tax lawyer in Newark, Delaware as soon as you can.

Talk to a Tax Law Attorney now!

Life in Newark

Newark, Delaware is a city in New Castle County, and is located just miles away from Wilmington, the largest city in Delaware. As of a 2006 estimate by the Census Bureau, Newark has a population of just over 30,000 people.

Newark was founded by Scots-Irish and Welshsettlers in the late 1600s. However, the town was not officially chartered until 1758, when King George II issued a charter.

Throughout its history, Newark, Delaware has been a center for education, and educational institutions have played an important role in its development over the last few hundred years.

A grammar school was established in the town in 1765, as the Newark Academy. 3 signers of the Declaration of Independence were among the school's first graduates. Newark is also home to the University of Delaware, which was founded in 1833 as Newark College. Today, the University of Delaware is well regarded for many of its programs, particularly in the life sciences.

Newark, Delaware attorneys have to be ready to handle a wide variety of cases, given the unique demographics of the college town. Newark, Delaware has a large number of college students, as well as affluent families. The legal issues that these two groups are likely to face are very different from one another. Accordingly, Newark, Delaware lawyers have to be very well-rounded, making it very likely that they can handle just about any legal issue you might face.

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