Federal Tax Liens
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The strength of the federal government is only rivaled by the taxes they imposed upon its citizens. If you fail to pay a tax debt due to lack of resources or simple forgetfulness, you will soon discover that the government has placed a federal tax lien on your property. Any creditors invested in your debt will also be notified that the government, not you, has control of that property through the lien.
It is true that you must respect the authority of a federal tax lien but it is also true to say that you can do something about it. When your property is at risk, it is time to contact RJB Law Offices and our Glendale debt relief attorney.For more than 20 years, we have been the legal advocates for people facing bankruptcy, foreclosure, problems with the IRS, and many other similar issues all throughout Southern California. We would be happy to provide the same great, friendly, and knowledgeable service to you.
Getting Rid of a Federal Tax Lien
The IRS has enough under its attention as it is, and it would much rather not have to worry about the federal tax lien on your property. To this end, there are four ways an individual can dispel a lien before it becomes too cumbersome. The first option is to pay the tax debt in full; since most people with a federal tax lien got into that situation due to a lack of finances, this is typically not the solution they can utilize.
The three alternative options to be rid of a federal tax lien are:
- Property Discharge: If you can reach a substitute agreement with the Internal Revenue Service (IRS), it may be possible to have the lien lifted. The assistance of a professional tax attorney will most likely be necessary to achieve this goal, as the IRS gives up nothing for free.
- Subordination: The lien may remain in place but creditors or lenders are given priority over your debt. Due to the IRS taking a backseat in the process, loans and mortgages may still be an option, which could help you find another way out of debt.
- Withdrawal: The IRS decides to keep your tax debt in full but strips away the public Notice of Federal Tax Lien. It also promises not to compete with creditors for your property, if any exist.
How a Federal Tax Lien Penalizes You
Just by the sound of it, you can probably guess that a federal tax lien can cause significant complications in your life. While there are numerous downsides to a lien on your property, most people will be concerned with two. Firstly, your credit can be severely damaged by the federal tax lien; if your credit score is not reduced, at the very least, you will not be able to secure new credit. Secondly, a lien can turn into a levy if it exists for too long. When the federal government puts a levy on your property, they intend to collect it as payment for the tax debt, and soon.
Protect Your Property with Our Glendale Tax Lawyers
The moment you are aware of a federal tax lien, you must take action to resolve it. Allowing it to sit will only bring additional trouble, even in the best of situations. Team up with our Glendale debt relief attorneys and you can start down the path to the solution that works for you. We never give cookie-cutter advice; each client and their case is given personalized attention to maximize our chances of success.
Contact us today and ask for a free consultation!