Tax Lien Lawyers in Rindge
A "lien" in Rindge, 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 Rindge, 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 Rindge, 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 Rindge, New Hampshire
Imposing a tax lien in Rindge, New Hampshire is usually an uncomplicated process. Typically, the tax authorities simply have to make a decision that the taxpayer is delinquent in their taxes, and that imposing and enforcing a tax lien will actually be worth the effort.
Then, the IRS, or state tax authorities, send a "notice and demand," informing the taxpayer that they owe back taxes, and that they are obligated to pay their taxes within 10 days.
If the back taxes are not paid before the deadline is up, the lien will normally take effect immediately, with no further action by the IRS or New Hampshire tax agency, giving them all the rights in your property that the law authorizes.
Nonetheless, in Rindge, New Hampshire, and anywhere else in America, a tax lien only lasts for 10 years, and then it automatically expires. If the IRS fails to exercise the considerable rights that it has under a tax lien within that period of time, it is assumed that they never intend to do so, and the lien will cease to exist. This ensures that valuable property is only kept out of the economy for a certain period of time.
How Can a Rindge, 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.
Therefore, 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 obtain the advice of a seasoned tax lawyer in Rindge, New Hampshire as soon as you can.