Tax Lien Lawyers in Millbury

In Millbury, Massachusetts, a "lien" is a type of property right, which is created by a court to obtain 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.

In Millbury, Massachusetts, a "tax lien" is simply a lien imposed by the government to gather back taxes from a person or corporation, when other methods for collecting have failed.

Tax Liens in Millbury, Massachusetts are usually only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's essential to note that essentially any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.

Tax Lien Procedure in Millbury, Massachusetts

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

Then, the taxpayer is sent a letter with a "notice and demand," which informs the taxpayer that the IRS has determined that they owe back taxes, and that they have a short period of time (typically 10 days) to pay them without incurring a penalty.

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

However, in Millbury, Massachusetts, 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 substantial 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 Millbury, Massachusetts Tax Lien Lawyer Help?

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

Thus, it should go without saying that if you are facing the prospect of your home or vehicle being slapped with a tax lien, you need to pursue the advice of a knowledgeable tax lawyer in Millbury, Massachusetts as soon as you can.