Federal Tax Liens On Your Property
Debt Relief Attorneys & Tax Lawyers in Cerritos
It might seem like something out of the Gold Rush era but parties can actually
stake a claim against your property to this day. In particular, the federal
government can lord itself over your property if you fall into tax debt
by applying what is known as a federal tax lien. This sort of lien raises
a flag to creditors and sometimes the public that states you no longer
have legal right to your property.
Clearing your property of a federal tax lien should be a priority the moment
it is applied. If you do not take the proper steps to be rid of a lien,
there could be serious consequences.
A federal tax lien may damage your wellbeing by harming your:
Credit: Your credit score could take a significant hit if a federal tax lien exists
on your property. Obtaining new credit may be completely impossible as well.
Business: Any property and rights attached to your business will be affected by the
lien as well; even your accounts receivable can be under the lien’s shadow.
Bankruptcy: A successful bankruptcy filing can alleviate a great deal of financial
issues but not a federal tax lien. Once your bankruptcy is resolved, the
tax lien will likely reinstate and sink you back into the same troubles.
Possessions: In a worst case scenario, if you cannot pay your tax debt, the lien will
turn into a levy and the Internal Revenue Service (IRS) can seize your
real and personal property.
What can you do to avoid the penalties of a federal tax lien? Your first
step should be to
contact our Cerritos debt relief attorneys from RJB Law Offices. With a decade’s
worth of experience and a backing of numerous appreciative
client testimonials, you can rely on us to help you through this confusing time.
Lifting a Federal Tax Lien
Knowing the potential consequences of an unaddressed federal tax lien,
you surely see the importance of lifting or dispelling it. When you get a
free consultation with our Cerritos tax resolution attorneys, we can analyze your financial
situation to determine what path you should follow to find a workable
There are four possible options to lifting your federal tax lien:
Payment: In an ideal situation, you may have had the lien placed because you simply
forgot to make your tax debt payments. Pay the debt off entirely and the
lien will be lifted. This is not a common solution due to the fact that
most liens are placed upon people who find themselves in a financial crisis.
Discharge of property: The federal tax lien will be removed from your property after an alternative
agreement is met with the IRS. A debt relief lawyer from our firm can
help you negotiate a discharge.
Subordination: Creditors will be moved ahead of the IRS in terms of priority; this process
can allow you to still receive a new loan or mortgage while the federal
tax lien exists.
Withdrawal: The IRS can choose to take down the public Notice of Federal Tax Lien,
essentially hiding it from creditors and others. Your tax debt will not
be removed in this process.
Do you think that one of these solutions could work for you? Our Cerritos
debt relief lawyers certainly do. Give us a call at
888.256.8581 at your earliest convenience, ask for a
complimentary case evaluation, and we can begin to explore your options to help you find peace of mind again.