Tax Lien Lawyers in Punta Gorda

In Punta Gorda, Florida, 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 Punta Gorda, Florida, 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.

However, a tax lien in Punta Gorda, Florida 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 Punta Gorda, Florida

In Punta Gorda, Florida, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities decide that a taxpayer actually owes taxes that they haven't paid (that they're delinquent in their taxes).

At this point, they will send the taxpayer a written notice stating that they owe a certain amount of money in back taxes, and that they have a small window of time (often 10 days or less) to pay it.

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

Nonetheless, if the federal government does not seek to enforce a tax lien in Punta Gorda, Florida within 10 years of imposing it, federal law dictates that the lien automatically expires. This is effectively a statute of limitations on a tax lien, meant to encourage the federal government to collect its taxes in a reasonable period of time, and guarantee that property is not encumbered by a lien forever.

How Can a Punta Gorda, Florida Tax Lien Lawyer Help?

If you find yourself on the receiving end of a tax lien in Florida, you are going to have to wade through some substantial and perplexing legal issues.

Therefore, it's important that you hire a tax attorney in Punta Gorda, Florida to ensure that whatever legal rights you have in this situation are defended. Your attorney will also be able to advise you on how to best deal with the situation.