Tax Lien Lawyers in Wyoming

In Wyoming, Minnesota, a "lien" is a type of property right, which is created by a court to acquire 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.

A tax lien, then, is simply a lien that is established for the particular purpose of collecting taxes from a delinquent tax payer in Wyoming, Minnesota.

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

Tax Lien Procedure in Wyoming, Minnesota

In Wyoming, Minnesota, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities decide that a taxpayer actually owes taxes that they haven't paid (that they're delinquent in their taxes).

At this point, the taxpayer will receive a letter containing a "notice and demand," which, as the name suggests, gives notice that the recipient owes taxes, and demands quick payment. It will usually give the taxpayer about 10 days to pay the demanded amount.

If the deadline passes without payment, most tax liens in Minnesota take effect automatically, giving the tax collectors all of the options in your property that any other lien holder would have.

Nonetheless, if the federal government does not seek to enforce a tax lien in Wyoming, Minnesota 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 Wyoming, Minnesota Tax Lien Lawyer Help?

If you end up having a tax lien imposed on your property in Minnesota, you will probably have to deal with some fairly difficult legal issues, which might be intricate to a layperson.

Luckily for you, tax lawyers in Wyoming, Minnesota 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.