Tax Lien Lawyers in Epping
A "lien" in Epping, New Hampshire 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 Epping, New Hampshire tax authorities, to compile 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 considerable property on which a lien can be imposed. To get around this limitation, most tax liens in Epping, New Hampshire 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 Epping, New Hampshire
The process of imposing a tax lien on property in Epping, New Hampshire is normally fairly simple. The initial step is for the IRS or local tax agency to decide 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 that time period expires, and the debtor still hasn't paid, the New Hampshire tax lien will go into effect automatically, with no additional action required.
Nonetheless, if the federal government does not seek to enforce a tax lien in Epping, New Hampshire 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 Epping, New Hampshire Tax Lien Lawyer Help?
If you find yourself on the receiving end of a tax lien in New Hampshire, you are going to have to wade through some substantial and intricate legal contentions.
Thankfully, Epping, New Hampshire 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.