Tax Lien Lawyers in Seaford

In Seaford, Delaware, 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.

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

Tax liens in Seaford, 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 Seaford, Delaware

The process of imposing a tax lien on property in Seaford, Delaware is normally fairly simple. The initial step is for the IRS or local tax agency to decide that a person really 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 happens, the IRS or Delaware tax agency will have considerable rights against the taxpayer's property.

Nonetheless, in Seaford, Delaware, 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 Seaford, Delaware Tax Lien Lawyer Help?

If the federal government, or the government of Delaware informs you that they intend to place a tax lien on your property, you will likely face some pretty difficult and daunting legal issues.

Fortunately for you, tax lawyers in Seaford, Delaware are experts at dealing with matters such as these, and can make sure your rights are safeguarded, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.