Tax Lien Lawyers in La Grange Park

In La Grange Park, Illinois, a "lien" is a type of property right, which is created by a court to obtain payment of a lawful debt. Usually, a valid lien gives its holder the right to seize the property subject to it, or at least some of the property's equity, to satisfy the debt. If the owner sells a piece of property that's subject to a lien, the creditor who owns the lien may be entitled to the proceeds, up to the amount you owe them. It can additionally put them "first in line" compared to other creditors, if the debtor files for bankruptcy.

A "tax lien" is simply a lien placed on a piece of property by the state or local government, to secure the payment of back taxes. A tax lien in La Grange Park, Illinois can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.

However, a tax lien in La Grange Park, Illinois 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. However, a tax lien can be applied to property that the taxpayer acquires after the lien goes into effect.

Tax Lien Procedure in La Grange Park, Illinois

Imposing a tax lien in La Grange Park, Illinois is normally an uncomplicated process. Usually, the tax authorities simply have to make a determination that the taxpayer is delinquent in their taxes, and that imposing and enforcing a tax lien will actually be worth the effort.

Then, the IRS, or state tax authorities, send a "notice and demand," informing the taxpayer that they owe back taxes, and that they are required 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 results, the IRS or Illinois tax agency will have substantial rights against the taxpayer's property.

However, in La Grange Park, Illinois, 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 substantial 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 narrow period of time.

How Can a La Grange Park, Illinois Tax Lien Lawyer Help?

If you receive notice from the federal government, or the government of Illinois that a tax lien has been imposed on your property, some pretty intricate legal issues are necessarily involved.

Thankfully for you, tax lawyers in La Grange Park, Illinois are experts at dealing with matters such as these, and can make sure your rights are protected, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.