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Three ways to deal with tax liens

With the Thanksgiving Day holiday passing, the focus for many consumers is on the holiday season. Indeed, few people are talking about taxes at this time of year, but people who are facing (or dealing with) tax liens are definitely thinking about how Uncle Sam will affect their holiday season.

For the uninitiated, a tax lien is a legal claim against a taxpayer's assets in order to guarantee payment on a tax bill. It could hamper the ability to secure credit or sell property. For those who are facing the prospect of the IRS foreclosing on a tax lien, this post will discuss some options for lessening the impact the IRS can have on your paycheck and your holiday season budget. 

Seek a discharge of property - Under certain circumstances, a taxpayer could apply to have property sold free of the lien. This would be especially helpful if the proceeds of the sale would help (in part) to pay off the lien.

Apply for a subordination certificate - This allows other creditors to be "first in line" ahead of the IRS when it comes to being paid.

Apply to have the lien notice withdrawn - Of course, having the lien erased (so that it never existed) is likely the top of most people's lists. This would take into account possible mistakes made by the IRS or an individual's circumstances in being able to pay the lien without going through bankruptcy.

The preceding is not legal advice. If you have questions about dealing with tax liens, an experienced attorney can advise you. 

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Law Offices of Robert T. Leonard, APC

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