Tax Liens in Hamilton, Alabama

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In Hamilton, Alabama, a "lien" is a security interest placed on a piece of property, normally land or a house, to secure the payment of a debt. It typically 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.

As you might have gathered, a "tax lien" is simply a lien placed on property by the IRS or Hamilton, Alabama tax authorities, to compile taxes that the property-owner has failed to pay.

However, a tax lien in Hamilton, Alabama will be ineffective if the debtor doesn't own any valuable property to encumber with a lien. As with any debt, the creditor can't collect if the debtor doesn't have any assets. Nonetheless, a tax lien can be applied to property that the taxpayer gains after the lien goes into effect.

Tax Lien Procedure in Hamilton, Alabama

The actual process of setting up a Hamilton, Alabama tax lien is normally pretty simple. The agency responsible for collecting taxes must first decide that a tax lien is warranted, normally by finding that the debtor owes a significant amount of back taxes.

They will then mail a document called a "notice and demand," which lets the taxpayer know that they owe money on their taxes, and that they have a specific period of time (normally 10 days) to pay what they owe.

If the back taxes are not paid before the deadline is up, the lien will normally take effect immediately, with no further action by the IRS or Alabama tax agency, giving them all the rights in your property that the law authorizes.

But, these rights are limited. In Hamilton, Alabama, 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." Additionally, 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.

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How Can a Hamilton, Alabama Tax Lien Lawyer Help?

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

Therefore, 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 obtain the advice of a seasoned tax lawyer in Hamilton, Alabama as soon as you can.

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