Tax Lien Lawyers in Charles

A "lien" in Charles, 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 funds 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 Charles, West Virginia tax authorities, to collect taxes that the property-owner has failed to pay.

However, a tax lien in Charles, 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. Nonetheless, a tax lien can be applied to property that the taxpayer gains after the lien goes into effect.

Tax Lien Procedure in Charles, West Virginia

Imposing a tax lien in Charles, West Virginia is typically an uncomplicated process. Generally, 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.

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 this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this occurs, the IRS or West Virginia tax agency will have significant rights against the taxpayer's property.

Nonetheless, in Charles, West Virginia, 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 limited period of time.

How Can a Charles, West Virginia Tax Lien Lawyer Help?

If you receive notice from the federal government, or the government of West Virginia that a tax lien has been imposed on your property, some pretty complicated legal issues are necessarily involved.

Fortunately, Charles, West Virginia tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek competent legal advice, to ensure that your legal rights are protected.