Tax Lien Lawyers in Buckhannon

A "lien" in Buckhannon, West Virginia is a type of security interest that one person or entity has in someone else's property. Typically, 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 Buckhannon, West Virginia tax authorities, to collect taxes that the property-owner has failed to pay.

However, a tax lien in Buckhannon, West Virginia 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. However, a tax lien can be applied to property that the taxpayer acquires after the lien goes into effect.

Tax Lien Procedure in Buckhannon, West Virginia

In Buckhannon, West Virginia, the procedure for imposing a tax lien is relatively simple. First, the IRS makes a determination that a person is delinquent in their tax obligation.

At this point, they will send the taxpayer a written notice stating that they owe a certain amount of money in back taxes, and that they have a small window of time (often 10 days or less) to pay it.

If the deadline passes without payment, most tax liens in West Virginia take effect automatically, giving the tax collectors all of the rights in your property that any other lien holder would have.

But, under federal law, there are limits to how tax liens can be enforced in Buckhannon, West Virginia, and elsewhere. Generally, 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 Buckhannon, West Virginia Tax Lien Lawyer Help?

If you end up having a tax lien imposed on your property in West Virginia, you will probably have to deal with some fairly difficult legal issues, which might be complex to a layperson.

Luckily for you, tax lawyers in Buckhannon, West Virginia are experts at dealing with matters such as these, and can make sure your rights are protected, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.