The IRS Has Put Tax Liens On My Assets - What Now?

If you have been found to owe the government money for back taxes it is a debt that you can expect to stick until it is paid. Tax debt cannot be discharged through bankruptcy and once you reach a certain level of debt the government will put tax liens on your assets.

Putting a lien on someone's property is a process that is used to ensure that debts are paid. If someone puts a lien on your home you will be unable to sell or refinance the property until the lien is paid of. This helps the creditor ensure that they get their money at some point.

If you have had tax liens put on your assets in an attempt to collect past due taxes you might consider holding tax lien sales. Selling off any valuables and putting the money towards your debt is a great way to move forward.

It is important to remember that similar to bankruptcy, foreclosure will not help you escape your tax liens. The sale of a foreclosure that has a tax lien will take all of the income from the sale and use it to pay your tax debts.

There are solutions for debtors suffering with tax liens to help pay down debts and remove liens:

1. Payment plans - Even the US government will accept a payment plan. You will have to submit financial details proving your income and other details but once you complete the process payment plans are fine.
2. Lump sum pay-offs - Like any collection agency you can negotiate a lump sum payoff for your debts. This process takes a long 6-9 months but once completed you are debt and tax audit free.
3. Tax liens are good for 10 years - If the IRS puts a tax lien on your home it's only good for 10 years. After this time the lien expires.

IRS audits are a complicated process that can lead to a lot of confusing and time consuming processes. Tax lawyers in Chicago specialize in handling these situations and making sure they do all they can to help you pay your debts and get you back on your feet.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.