Tax Lien in Wheaton, Illinois

Find the right Tax Lien attorney in Wheaton, IL

Tax Lien Lawyers in Wheaton

In Wheaton, 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 Wheaton, Illinois can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.

Of course, a tax lien in Wheaton, 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. Apparently, this makes it quite a bit easier for the government to collect its taxes.

Tax Lien Procedure in Wheaton, Illinois

The process of imposing a tax lien on property in Wheaton, Illinois is typically fairly simple. The initial step is for the IRS or local tax agency to decide that a person truly owes back taxes, and that it is worth the effort to impose a lien.

They will then mail a document called a "notice and demand," which lets the taxpayer know that they owe money on their taxes, and that they have a given period of time (typically 10 days) to pay what they owe.

If this 10-day period expires without payment, the tax lien arises automatically. Once this happens, the tax authorities in Illinois have all the options in the taxpayer's property that any other lien holder would have, containing priority over competing creditors.

Nonetheless, in Wheaton, 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 narrow period of time.

How Can a Wheaton, Illinois Tax Lien Lawyer Help?

If the federal government, or the government of Illinois informs you that they intend to place a tax lien on your property, you will likely face some pretty confusing and daunting legal issues.

Thankfully for you, tax lawyers in Wheaton, 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.

Talk to a Tax Law Attorney now!

Life in Wheaton

Wheaton is an affluent city located in DuPage County, Illinois. It is very near Chicago (approximately 25 miles away) and located west of Lake Michigan.

Some of Wheaton's attractions include the Cosley Zoo, Arrowhead Golf Club, Cantigny Park and Golf Course, Danada Forest Preserve and Illinois Prairie Path. A very popular historic site includes Grand Theater, which was built in 1925 and is included in the National Register of Historic Places.

Wheaton is also home to many attorneys that practice in various legal fields. Also, being so near Chicago, Wheaton residents can take advantage of Chicago's top-notch legal force. Chicago is home to many top law firms with ivy-league educated attorneys who focus on providing excellent legal services.

All in all, Wheaton is a safe suburb that provides a community-like feel and a wonderful quality of life!

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