Tax Lien Lawyers in Demarest
A "lien" in Demarest, New Jersey 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.
In Demarest, New Jersey, a "tax lien" is simply a lien imposed by the government to compile back taxes from a citizen or corporation, when other methods for collecting have failed.
Tax Liens in Demarest, New Jersey are typically only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's important to note that basically any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.
Tax Lien Procedure in Demarest, New Jersey
In Demarest, New Jersey, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities decide that a taxpayer really owes taxes that they haven't paid (that they're delinquent in their taxes).
At this point, the taxpayer will receive a letter containing a "notice and demand," which, as the name suggests, gives notice that the recipient owes taxes, and demands quick payment. It will normally give the taxpayer about 10 days to pay the demanded amount.
If the deadline passes without payment, most tax liens in New Jersey take effect automatically, giving the tax collectors all of the options in your property that any other lien holder would have.
Nonetheless, in Demarest, New Jersey, 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 Demarest, New Jersey Tax Lien Lawyer Help?
If you receive notice from the federal government, or the government of New Jersey that a tax lien has been imposed on your property, some pretty complex legal issues are necessarily involved.
Thankfully, Demarest, New Jersey 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.