Tax Lien Lawyers in Whitehouse
In Whitehouse, 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 permits 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 simply a lien that is formed for the particular purpose of collecting taxes from a delinquent tax payer in Whitehouse, Texas.
However, a tax lien in Whitehouse, Texas 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. Nonetheless, a tax lien can be applied to property that the taxpayer gains after the lien goes into effect.
Tax Lien Procedure in Whitehouse, Texas
In Whitehouse, Texas, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities decide that a taxpayer truly owes taxes that they haven't paid (that they're delinquent in their taxes).
Then, the IRS, or state tax authorities, send a "notice and demand," informing the taxpayer that they owe back taxes, and that they are obligated to pay their taxes within 10 days.
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, in Whitehouse, Texas, 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 considerable 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 Whitehouse, Texas Tax Lien Lawyer Help?
If the federal government, or the government of Texas informs you that they intend to place a tax lien on your property, you will likely face some pretty confusing and daunting legal issues.
Thankfully for you, tax lawyers in Whitehouse, 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.