Tax Lien in Waukegan, Illinois

Find the right Tax Lien attorney in Waukegan, IL

Tax Lien Lawyers in Waukegan

In Waukegan, Illinois, a "lien" is a type of property right, which is created by a court to obtain payment of a lawful debt. Generally, a valid lien gives its holder the right to seize the property subject to it, or at least some of the property's equity, to satisfy the debt. If the owner sells a piece of property that's subject to a lien, the creditor who owns the lien may be entitled to the proceeds, up to the amount you owe them. It can also put them "first in line" compared to other creditors, if the debtor files for bankruptcy.

A "tax lien" is simply a lien placed on a piece of property by the state or local government, to secure the payment of back taxes. A tax lien in Waukegan, Illinois can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.

Of course, a tax lien in Waukegan, Illinois isn't worth much more than the paper it's printed on if the debtor doesn't own any property of value, on which a lien could be placed. However, a tax lien applies to property that the taxpayer obtains even after the lien is created. Obviously, this makes it quite a bit easier for the government to collect its taxes.

Tax Lien Procedure in Waukegan, Illinois

The process of imposing a tax lien on property in Waukegan, Illinois is usually fairly simple. The first step is for the IRS or local tax agency to determine 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 required to pay their taxes within 10 days.

If that time period expires, and the debtor still hasn't paid, the Illinois tax lien will go into effect automatically, with no further action required.

But, these rights are limited. In Waukegan, Illinois, 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." Furthermore, it acknowledges the fact that any encumbrance on a piece of property, such as a lien, makes the property less valuable. By ensuring that the lien will either be satisfied or expire within 10 years, this prevents property from being withheld from the stream of commerce indefinitely.

How Can a Waukegan, Illinois Tax Lien Lawyer Help?

If you receive notice from the federal government, or the government of Illinois that a tax lien has been imposed on your property, some pretty complicated legal issues are necessarily involved.

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 good tax lawyer in Waukegan, Illinois as soon as you can.

Talk to a Tax Law Attorney now!

Life in Waukegan

Waukegan is located Lake County, Illinois. Specifically, it is situated on the western shore of Lake Michigan.

Waukegan's top employers include the school district and health care system, Uline, Coleman Cable, Medline Industries, WMS Industries, and the Illinois Department of Human Services.

Tourists love to visit Bowen Park, Clockwise Theatre, Ganster Pool, Genesee Theatre, Roosevelt Park, Waukegan History Museum, Waukegan Municipal Beach, and The Fieldhouse.

Waukegan is also home to many attorneys that practice in various fields of law and are devoted to providing their clients with excellent legal services.

Some famous people who have called Waukegan home include Jack Benny, Mark Livingstone, Andy Devine and Don Wilson.

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