Tax Lien Lawyers in Winfield

In Winfield, 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 Winfield, 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 Winfield, 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 Winfield, Illinois

The process of imposing a tax lien on property in Winfield, 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 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.

Nonetheless, in Winfield, 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 Winfield, Illinois Tax Lien Lawyer Help?

If you are notified by the government that you owe back taxes in Illinois, and that they are going to pursue a tax lien to collect their money, things can get very confusing, quite quickly.

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