Tax Lien Lawyers in Deep River

In Deep River, Connecticut, 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.

A "tax lien," then, is a lien held by the government to collect a tax-related debt from a private entity, such as a citizen or corporation in Deep River, Connecticut.

However, like any other debt-collection method, a tax lien is worthless if the debtor has no considerable property on which a lien can be imposed. To get around this limitation, most tax liens in Deep River, Connecticut apply to after-acquired property (property acquired after the lien was created). Most other liens only apply to certain pieces of property, or property that the debtor owned at the time the lien went into effect.

Tax Lien Procedure in Deep River, Connecticut

Imposing a tax lien in Deep River, Connecticut is usually an uncomplicated process. Typically, the tax authorities simply have to make a decision that the taxpayer is delinquent in their taxes, and that imposing and enforcing a tax lien will actually be worth the effort.

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 Connecticut tax agency, giving them all the rights in your property that the law authorizes.

Nonetheless, in Deep River, Connecticut, and anywhere else in America, a tax lien only lasts for 10 years, and then it automatically expires. If the IRS fails to exercise the considerable rights that it has under a tax lien within that period of time, it is assumed that they never intend to do so, and the lien will cease to exist. This ensures that valuable property is only kept out of the economy for a certain period of time.

How Can a Deep River, Connecticut Tax Lien Lawyer Help?

If you are notified by the government that you owe back taxes in Connecticut, and that they are going to pursue a tax lien to collect their money, things can get very difficult, extremely quickly.

Therefore, if you think that any piece of property you own might become subject to a tax lien in Deep River, Connecticut, you should not delay to seek the advice of a qualified tax attorney immediately.