Tax Lien Lawyers in Highland Heights

In Highland Heights, Kentucky, a "lien" is a type of property right, which is created by a court to acquire payment of a lawful debt. Generally, 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 also put them "first in line" compared to other creditors, if the debtor files for bankruptcy.

A "tax lien," then, is a lien held by the government to collect a tax-related debt from a private entity, such as a citizen or corporation in Highland Heights, Kentucky.

Of course, a tax lien in Highland Heights, Kentucky 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. Obviously, this makes it quite a bit easier for the government to collect its taxes.

Tax Lien Procedure in Highland Heights, Kentucky

In Highland Heights, Kentucky, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities decide that a taxpayer actually owes taxes that they haven't paid (that they're delinquent in their taxes).

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 deadline passes without payment, most tax liens in Kentucky take effect automatically, giving the tax collectors all of the options in your property that any other lien holder would have.

Nonetheless, in Highland Heights, Kentucky, 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 limited period of time.

How Can a Highland Heights, Kentucky Tax Lien Lawyer Help?

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

Luckily for you, tax lawyers in Highland Heights, Kentucky 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.