Tax Lien Lawyers in Montgomery County
In Montgomery County, Tennessee, a "lien" is specified as a property right that's authorized 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," then, is a lien held by the government to collect a tax-related debt from a private entity, such as a citizen or corporation in Montgomery County, Tennessee.
Tax liens in Montgomery County, Tennessee are ineffective if the taxpayer doesn't have any property to place the lien on. However, practically any property, including that which the taxpayer acquires after the lien goes into effect, can be affected by a tax lien.
Tax Lien Procedure in Montgomery County, Tennessee
Imposing a tax lien in Montgomery County, Tennessee is usually an uncomplicated process. Typically, the tax authorities simply have to make a decision that the taxpayer is delinquent in their taxes, and that imposing and enforcing a tax lien will actually be worth the effort.
At this point, they will send the taxpayer a written notice stating that they owe a some amount of money in back taxes, and that they have a small window of time (commonly 10 days or less) to pay it.
If this 10-day period expires without payment, the tax lien arises automatically. Once this happens, the tax authorities in Tennessee have all the options in the taxpayer's property that any other lien holder would have, containing priority over competing creditors.
But, under federal law, there are limits to how tax liens can be enforced in Montgomery County, Tennessee, and elsewhere. Typically, the IRS has 10 years to try and enforce a tax lien. If no effort is made to enforce a tax lien for 10 years, the lien is automatically lifted, and the lien holder loses all rights in it. This rule exists to ensure that the government collects its taxes in a reasonable time period, and it prevents valuable property (which could otherwise be contributing to the economy by being bought and sold) is not laded with a lien for an indefinite period of time.
How Can a Montgomery County, Tennessee Tax Lien Lawyer Help?
If the federal government, or the government of Tennessee informs you that they intend to place a tax lien on your property, you will likely face some pretty difficult and daunting legal issues.
Therefore, it's important that you retain a tax attorney in Montgomery County, Tennessee to ensure that whatever legal rights you have in this situation are defended. Your attorney will also be able to advise you on how to best deal with the situation.