Tax Lien Lawyers in Bridgeview
In Bridgeview, Illinois, 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 simply a lien that is formed for the particular purpose of collecting taxes from a delinquent tax payer in Bridgeview, Illinois.
Of course, a tax lien in Bridgeview, Illinois isn't worth much more than the paper it's printed on if the debtor doesn't own any property of value, on which a lien could be placed. Nonetheless, a tax lien applies to property that the taxpayer obtains even after the lien is created. Evidently, this makes it quite a bit easier for the government to collect its taxes.
Tax Lien Procedure in Bridgeview, Illinois
In Bridgeview, Illinois, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities decide that a taxpayer really owes taxes that they haven't paid (that they're delinquent in their taxes).
At this point, the taxpayer will receive a letter containing a "notice and demand," which, as the name suggests, gives notice that the recipient owes taxes, and demands quick payment. It will normally give the taxpayer about 10 days to pay the demanded amount.
If the deadline passes without payment, most tax liens in Illinois take effect automatically, giving the tax collectors all of the options in your property that any other lien holder would have.
But, under federal law, there are limits to how tax liens can be enforced in Bridgeview, Illinois, and elsewhere. Typically, the IRS has 10 years to try and enforce a tax lien. If no effort is made to enforce a tax lien for 10 years, the lien is automatically lifted, and the lien holder loses all rights in it. This rule exists to ensure that the government collects its taxes in a reasonable time period, and it prevents valuable property (which could otherwise be contributing to the economy by being bought and sold) is not laded with a lien for an indefinite period of time.
How Can a Bridgeview, Illinois Tax Lien Lawyer Help?
If you end up having a tax lien imposed on your property in Illinois, you will probably have to deal with some fairly hard legal issues, which might be complicated to a layperson.
Fortunately for you, tax lawyers in Bridgeview, Illinois 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.