Tax Lien Lawyers in Little Silver

A "lien" in Little Silver, 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 Little Silver, New Jersey, a "tax lien" is simply a lien imposed by the government to gather back taxes from a citizen or corporation, when other methods for collecting have failed.

Tax Liens in Little Silver, New Jersey are usually only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's essential 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 Little Silver, New Jersey

In Little Silver, New Jersey, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities decide that a taxpayer truly owes taxes that they haven't paid (that they're delinquent in their taxes).

At this point, they will send the taxpayer a written notice stating that they owe a particular amount of money in back taxes, and that they have a small window of time (frequently 10 days or less) to pay it.

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, there are limits to how and when a tax lien can be enforced, at least under federal law. The IRS has 10 years to enforce a tax lien in Little Silver, New Jersey or anywhere else in the U.S. If it never bothers to take action to seize property that's subject to a tax lien, the lien simply ceases to exist after 10 years. This rule is in place to ensure that the government does not sit on its rights, and to keep potentially-valuable property from being encumbered forever. Essentially, it creates a measure of certainty for both parties.

How Can a Little Silver, 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 intricate legal issues are necessarily involved.

Thus, 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 pursue the advice of a reliable tax lawyer in Little Silver, New Jersey as soon as you can.