Tax Lien Lawyers in Willingboro

A "lien" in Willingboro, 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 several 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 likely that the lien holder will collect something.

In Willingboro, New Jersey, a "tax lien" is simply a lien imposed by the government to gather back taxes from a person or corporation, when other methods for collecting have failed.

Tax Liens in Willingboro, 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 necessary to note that essentially any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.

Tax Lien Procedure in Willingboro, New Jersey

The actual process of setting up a Willingboro, New Jersey tax lien is typically pretty simple. The agency responsible for collecting taxes must first determine that a tax lien is warranted, typically by finding that the debtor owes a significant amount of back 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 immediate payment. It will typically 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 rights in your property that any other lien holder would have.

However, in Willingboro, 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 substantial 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 narrow period of time.

How Can a Willingboro, New Jersey Tax Lien Lawyer Help?

If you are notified by the government that you owe back taxes in New Jersey, and that they are going to pursue a tax lien to collect their money, things can get very intricate, quite quickly.

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