Tax Lien Lawyers in Thomson

In Thomson, Georgia, 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 proceeds 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 Thomson, Georgia, a "tax lien" is simply a lien imposed by the government to collect back taxes from a person or corporation, when other methods for collecting have failed.

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

Tax Lien Procedure in Thomson, Georgia

The process of imposing a tax lien on property in Thomson, Georgia 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 taxpayer is sent a letter with a "notice and demand," which informs the taxpayer that the IRS has determined that they owe back taxes, and that they have a short period of time (usually 10 days) to pay them without incurring a penalty.

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

However, if the federal government does not seek to enforce a tax lien in Thomson, Georgia 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 ensure that property is not encumbered by a lien forever.

How Can a Thomson, Georgia Tax Lien Lawyer Help?

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

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 Thomson, Georgia as soon as you can.