Tax Lien Lawyers in Greensboro
A "lien" in Greensboro, North Carolina is a property right that a person or entity has in property owned by someone else, created by law, for the purpose of enforcing a debt. A lien gives its holder various rights in the property of another person, including the right to seize the proceeds of a sale of the property, and, if the debtor files for bankruptcy, the right to go to the front of the line among other creditors, making it more possible that the lien holder will collect something.
As you might have gathered, a "tax lien" is simply a lien placed on property by the IRS or Greensboro, North Carolina tax authorities, to gather taxes that the property-owner has failed to pay.
Tax Liens in Greensboro, North Carolina are usually only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's crucial to note that practically any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.
Tax Lien Procedure in Greensboro, North Carolina
The process of imposing a tax lien on property in Greensboro, North Carolina is typically fairly simple. The initial step is for the IRS or local tax agency to decide that a person truly owes back taxes, and that it is worth the effort to impose a lien.
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 given period of time (typically 10 days) to pay what they owe.
If the deadline passes without payment, most tax liens in North Carolina 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 Greensboro, North Carolina 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 Greensboro, North Carolina Tax Lien Lawyer Help?
If you end up having a tax lien imposed on your property in North Carolina, you will probably have to deal with some fairly challenging legal issues, which might be intricate to a layperson.
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 reliable tax lawyer in Greensboro, North Carolina as soon as you can.