Tax Lien Lawyers in Outagamie County
A "lien" in Outagamie County, Wisconsin is a type of security interest that one person or entity has in someone else's property. Normally, a lien is created by a court, to secure payment of a debt. A lien gives its holder many rights in the property that is subject to it, including the right to seize the proceeds if the property is sold, and priority access to the property, in front of other creditors.
As you might have gathered, a "tax lien" is simply a lien placed on property by the IRS or Outagamie County, Wisconsin tax authorities, to gather taxes that the property-owner has failed to pay.
Tax Liens in Outagamie County, Wisconsin are usually only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's critical to note that virtually any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.
Tax Lien Procedure in Outagamie County, Wisconsin
The actual process of setting up an Outagamie County, Wisconsin tax lien is typically pretty simple. The agency responsible for collecting taxes must first determine that a tax lien is warranted, typically 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 given period of time (typically 10 days) to pay what they owe.
If the back taxes are not paid before the deadline is up, the lien will typically take effect immediately, with no further action by the IRS or Wisconsin tax agency, giving them all the rights in your property that the law permits.
However, in Outagamie County, Wisconsin, 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 narrow period of time.
How Can a Outagamie County, Wisconsin Tax Lien Lawyer Help?
If you find yourself on the receiving end of a tax lien in Wisconsin, you are going to have to wade through some substantial and confusing legal concerns.
Luckily, Outagamie County, Wisconsin tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek skilled legal advice, to ensure that your legal rights are protected.