Tax Lien Lawyers in La Plata
In La Plata, Maryland, a "lien" is a type of property right, which is created by a court to obtain 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.
In La Plata, Maryland, a "tax lien" is simply a lien imposed by the government to collect back taxes from a person or corporation, when other methods for collecting have failed.
However, a tax lien in La Plata, Maryland will be ineffective if the debtor doesn't own any valuable property to encumber with a lien. As with any debt, the creditor can't collect if the debtor doesn't have any assets. However, a tax lien can be applied to property that the taxpayer acquires after the lien goes into effect.
Tax Lien Procedure in La Plata, Maryland
In La Plata, Maryland, the procedure for imposing a tax lien is relatively simple. First, the IRS makes a determination that a person is delinquent in their tax obligation.
At this point, they will send the taxpayer a written notice stating that they owe a certain amount of money in back taxes, and that they have a small window of time (often 10 days or less) to pay it.
If the deadline passes without payment, most tax liens in Maryland take effect automatically, giving the tax collectors all of the rights in your property that any other lien holder would have.
But, under federal law, there are limits to how tax liens can be enforced in La Plata, Maryland, and elsewhere. Generally, the IRS has 10 years to try and enforce a tax lien. If no effort is made to enforce a tax lien for 10 years, the lien is automatically lifted, and the lien holder loses all rights in it. This rule exists to ensure that the government collects its taxes in a reasonable time period, and it prevents valuable property (which could otherwise be contributing to the economy by being bought and sold) is not laded with a lien for an indefinite period of time.
How Can a La Plata, Maryland Tax Lien Lawyer Help?
If the federal government, or the government of Maryland informs you that they intend to place a tax lien on your property, you will likely face some pretty complicated and daunting legal issues.
Luckily for you, tax lawyers in La Plata, Maryland are experts at dealing with matters such as these, and can make sure your rights are protected, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.