Tax Lien Lawyers in Mccook

A "lien" in Mccook, Nebraska 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 numerous 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 Mccook, Nebraska tax authorities, to collect taxes that the property-owner has failed to pay.

However, like any other debt-collection method, a tax lien is worthless if the debtor has no significant property on which a lien can be imposed. To get around this limitation, most tax liens in Mccook, Nebraska apply to after-acquired property (property acquired after the lien was created). Most other liens only apply to specific pieces of property, or property that the debtor owned at the time the lien went into effect.

Tax Lien Procedure in Mccook, Nebraska

In Mccook, Nebraska, 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 certain period of time (usually 10 days) to pay what they owe.

If the deadline passes without payment, most tax liens in Nebraska 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 Mccook, Nebraska 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 Mccook, Nebraska Tax Lien Lawyer Help?

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

Luckily for you, tax lawyers in Mccook, Nebraska 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.