Tax Lien Lawyers in Morris

In Morris, Illinois, a "lien" is a type of property right, which is created by a court to acquire 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 acquire the payment of back taxes. A tax lien in Morris, 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 Morris, 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 Morris, Illinois

Imposing a tax lien in Morris, Illinois is normally an uncomplicated process. Usually, 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.

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

If the back taxes are not paid before the deadline is up, the lien will typically 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 permits.

But, under federal law, there are limits to how tax liens can be enforced in Morris, Illinois, and elsewhere. Usually, 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 Morris, 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.

Therefore, it's important that you contact a tax attorney in Morris, Illinois 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.