Tax Lien Lawyers in Carthage
In Carthage, Texas, 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 Carthage, Texas.
However, like any other debt-collection method, a tax lien is worthless if the debtor has no considerable property on which a lien can be imposed. To get around this limitation, most tax liens in Carthage, Texas apply to after-acquired property (property acquired after the lien was created). Most other liens only apply to certain pieces of property, or property that the debtor owned at the time the lien went into effect.
Tax Lien Procedure in Carthage, Texas
In Carthage, Texas, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities decide that a taxpayer really owes taxes that they haven't paid (that they're delinquent in their taxes).
If the deadline passes without payment, most tax liens in Texas take effect automatically, giving the tax collectors all of the options in your property that any other lien holder would have.
Nonetheless, there are limits to how and when a tax lien can be enforced, at least under federal law. The IRS has 10 years to enforce a tax lien in Carthage, Texas or anywhere else in the U.S. If it never bothers to take action to seize property that's subject to a tax lien, the lien simply ceases to exist after 10 years. This rule is in place to ensure that the government does not sit on its rights, and to keep potentially-valuable property from being encumbered forever. Essentially, it creates a measure of certainty for both parties.
How Can a Carthage, Texas Tax Lien Lawyer Help?
If you end up having a tax lien imposed on your property in Texas, you will probably have to deal with some fairly hard legal issues, which might be intricate to a layperson.
Fortunately for you, tax lawyers in Carthage, Texas 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.