Tax Lien Lawyers in Marksville

In Marksville, Louisiana, 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 Marksville, Louisiana.

However, like any other debt-collection method, a tax lien is worthless if the debtor has no considerable property on which a lien can be imposed. To get around this limitation, most tax liens in Marksville, Louisiana apply to after-acquired property (property acquired after the lien was created). Most other liens only apply to certain pieces of property, or property that the debtor owned at the time the lien went into effect.

Tax Lien Procedure in Marksville, Louisiana

Imposing a tax lien in Marksville, Louisiana is usually an uncomplicated process. Typically, 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.

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 this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this happens, the IRS or Louisiana tax agency will have considerable rights against the taxpayer's property.

Nonetheless, in Marksville, Louisiana, 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 certain period of time.

How Can a Marksville, Louisiana Tax Lien Lawyer Help?

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

Fortunately for you, tax lawyers in Marksville, Louisiana 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.