Tax Lien Lawyers in Greenville
A "lien" in Greenville, 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 many 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 likely 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 Greenville, North Carolina tax authorities, to compile taxes that the property-owner has failed to pay.
Tax Liens in Greenville, North Carolina are typically 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 virtually any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.
Tax Lien Procedure in Greenville, North Carolina
The process of imposing a tax lien on property in Greenville, North Carolina is normally fairly simple. The first step is for the IRS or local tax agency to determine that a person really 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 specific period of time (normally 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 rights in your property that any other lien holder would have.
However, if the federal government does not seek to enforce a tax lien in Greenville, 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 ensure that property is not encumbered by a lien forever.
How Can a Greenville, 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 hard legal issues, which might be confusing to a layperson.
Thankfully, Greenville, North Carolina tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek qualified legal advice, to ensure that your legal rights are protected.