Tax Lien Lawyers in Laramie

A "lien" in Laramie, Wyoming 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 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 Laramie, Wyoming tax authorities, to gather taxes that the property-owner has failed to pay.

Of course, a tax lien in Laramie, Wyoming isn't worth much more than the paper it's printed on if the debtor doesn't own any property of value, on which a lien could be placed. Nonetheless, a tax lien applies to property that the taxpayer obtains even after the lien is created. Apparently, this makes it quite a bit easier for the government to collect its taxes.

Tax Lien Procedure in Laramie, Wyoming

The process of imposing a tax lien on property in Laramie, Wyoming is typically fairly simple. The initial step is for the IRS or local tax agency to decide that a person truly owes back taxes, and that it is worth the effort to impose a lien.

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

If this 10-day period expires without payment, the tax lien arises automatically. Once this happens, the tax authorities in Wyoming have all the options in the taxpayer's property that any other lien holder would have, containing priority over competing creditors.

But, under federal law, there are limits to how tax liens can be enforced in Laramie, Wyoming, and elsewhere. Usually, 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 Laramie, Wyoming Tax Lien Lawyer Help?

If the federal government, or the government of Wyoming informs you that they intend to place a tax lien on your property, you will likely face some pretty confusing and daunting legal issues.

Therefore, it's important that you contact a tax attorney in Laramie, Wyoming to ensure that whatever legal rights you have in this situation are defended. Your attorney will also be able to advise you on how to best deal with the situation.