Tax Lien Lawyers in Lebanon

In Lebanon, Maine, 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.

In Lebanon, Maine, a "tax lien" is simply a lien imposed by the government to compile back taxes from a citizen or corporation, when other methods for collecting have failed.

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 Lebanon, Maine 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 Lebanon, Maine

In Lebanon, Maine, the procedure for imposing a tax lien is relatively simple. First, the IRS makes a decision that a person is delinquent in their tax requirement.

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

Nonetheless, in Lebanon, Maine, 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 Lebanon, Maine Tax Lien Lawyer Help?

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

Therefore, if you think that any piece of property you own might become subject to a tax lien in Lebanon, Maine, you should not delay to seek the advice of a qualified tax attorney immediately.