Tax Lien Lawyers in North Arlington

A "lien" in North Arlington, 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 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.

In North Arlington, 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 North Arlington, 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 critical to note that practically any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.

Tax Lien Procedure in North Arlington, New Jersey

The process of imposing a tax lien on property in North Arlington, New Jersey 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.

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 this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this happens, the IRS or New Jersey tax agency will have considerable rights against the taxpayer's property.

Nonetheless, in North Arlington, 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 North Arlington, New Jersey Tax Lien Lawyer Help?

If the federal government, or the government of New Jersey informs you that they intend to place a tax lien on your property, you will likely face some pretty difficult and daunting legal issues.

Fortunately for you, tax lawyers in North Arlington, New Jersey are experts at dealing with matters such as these, and can make sure your rights are safeguarded, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.