Tax Lien Lawyers in Lakemoor

In Lakemoor, Illinois, a "lien" is a type of property right, which is created by a court to acquire payment of a lawful debt. Typically, 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 further 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 acquire the payment of back taxes. A tax lien in Lakemoor, 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 Lakemoor, 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. Nonetheless, a tax lien can be applied to property that the taxpayer gains after the lien goes into effect.

Tax Lien Procedure in Lakemoor, Illinois

Imposing a tax lien in Lakemoor, Illinois is usually an uncomplicated process. Typically, the tax authorities simply have to make a decision 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 obligated to pay their taxes within 10 days.

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

Nonetheless, in Lakemoor, 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 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 Lakemoor, 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 complex legal issues are necessarily involved.

Thankfully, Lakemoor, Illinois tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek qualified legal advice, to ensure that your legal rights are protected.