Tax Lien Lawyers in Lock Haven
In Lock Haven, Pennsylvania, 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.
As you might have gathered, a "tax lien" is simply a lien placed on property by the IRS or Lock Haven, Pennsylvania tax authorities, to compile taxes that the property-owner has failed to pay.
Tax Liens in Lock Haven, Pennsylvania are typically only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's crucial 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 Lock Haven, Pennsylvania
The actual process of setting up a Lock Haven, Pennsylvania tax lien is normally pretty simple. The agency responsible for collecting taxes must first determine that a tax lien is warranted, normally by finding that the debtor owes a significant amount of back taxes.
They will then mail a document called a "notice and demand," which lets the taxpayer know that they owe money on their taxes, and that they have a specific period of time (normally 10 days) to pay what they owe.
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 Pennsylvania tax agency, giving them all the rights in your property that the law authorizes.
However, in Lock Haven, Pennsylvania, 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 Lock Haven, Pennsylvania Tax Lien Lawyer Help?
If you find yourself on the receiving end of a tax lien in Pennsylvania, you are going to have to wade through some substantial and difficult legal contentions.
Accordingly, if you think that any piece of property you own might become subject to a tax lien in Lock Haven, Pennsylvania, you should not hesitate to seek the advice of a qualified tax attorney immediately.