Tax Lien Lawyers in Radcliff

In Radcliff, Kentucky, 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," 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 Radcliff, Kentucky.

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

Tax Lien Procedure in Radcliff, Kentucky

The actual process of setting up a Radcliff, Kentucky tax lien is normally pretty simple. The agency responsible for collecting taxes must first decide that a tax lien is warranted, normally by finding that the debtor owes a significant amount of back taxes.

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 specific period of time (normally 10 days) to pay what they owe.

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 Kentucky tax agency, giving them all the rights in your property that the law authorizes.

Nonetheless, if the federal government does not seek to enforce a tax lien in Radcliff, Kentucky within 10 years of imposing it, federal law dictates that the lien automatically expires. This is effectively a statute of limitations on a tax lien, meant to encourage the federal government to collect its taxes in a reasonable period of time, and guarantee that property is not encumbered by a lien forever.

How Can a Radcliff, Kentucky Tax Lien Lawyer Help?

If you find yourself on the receiving end of a tax lien in Kentucky, you are going to have to wade through some substantial and intricate legal contentions.

Therefore, it's important that you retain a tax attorney in Radcliff, Kentucky 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.