Tax Lien Lawyers in Pauls Valley

In Pauls Valley, Oklahoma, a "lien" is defined as a property right that's granted to a creditor against a piece of property owned by a debtor, for the purpose of collecting on the debt if the debtor is unwilling or unable to pay. A lien authorizes its owner to exercise some control over the property that is the subject of the lien. This includes the right to force a sale of the property, and to seize the resulting revenue, and priority access to the property ahead of other creditors.

A "tax lien" is simply a lien placed on a piece of property by the state or local government, to secure the payment of back taxes. A tax lien in Pauls Valley, Oklahoma can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.

However, a tax lien in Pauls Valley, Oklahoma will be ineffective if the debtor doesn't own any valuable property to encumber with a lien. As with any debt, the creditor can't collect if the debtor doesn't have any assets. However, a tax lien can be applied to property that the taxpayer acquires after the lien goes into effect.

Tax Lien Procedure in Pauls Valley, Oklahoma

In Pauls Valley, Oklahoma, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities determine 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 determined 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 10-day period expires without payment, the tax lien arises automatically. Once this happens, the tax authorities in Oklahoma have all the rights in the taxpayer's property that any other lien holder would have, including priority over competing creditors.

However, in Pauls Valley, Oklahoma, 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 certain period of time.

How Can a Pauls Valley, Oklahoma Tax Lien Lawyer Help?

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

Thankfully, Pauls Valley, Oklahoma 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.