Tax Lien Lawyers in Glen Rock

A "lien" in Glen Rock, 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 Glen Rock, 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 Glen Rock, 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 necessary 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 Glen Rock, New Jersey

In Glen Rock, 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).

Then, the taxpayer is sent a letter with a "notice and demand," which informs the taxpayer that the IRS has decided that they owe back taxes, and that they have a short period of time (normally 10 days) to pay them without incurring a penalty.

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 Jersey tax agency, giving them all the rights in your property that the law authorizes.

Nonetheless, in Glen Rock, 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 Glen Rock, New Jersey Tax Lien Lawyer Help?

If you find yourself on the receiving end of a tax lien in New Jersey, you are going to have to wade through some substantial and intricate legal contentions.

Therefore, if you think that any piece of property you own might become subject to a tax lien in Glen Rock, New Jersey, you should not delay to seek the advice of a qualified tax attorney immediately.