Facing IRS Tax Liens

By dhinternational  /  May 2, 2013 / Comments Off on Facing IRS Tax Liens

Facing IRS Tax LiensHave you ever experienced facing a lien? If not yet, then better avoid it as much as possible. It is because there are bad consequences to having a tax lien filed against your property. These include a negative impact on your ability to qualify for a loan, and your credit score is also greatly affected. Furthermore, the filing would pile up in your credit report and would remain until the tax debt is paid soon. The Internal Revenue Service tax lien on your property would top all other claims. This gives the IRS a higher priority over the other creditors. If you have come to a decision to file a bankruptcy, the government is going to get their money out of the proceeds of your assets, when it is all liquidated.

You must take note that IRS tax liens tend to expire after ten years. The ten year period does not begin during the time of the lien being filed, but starts at the time when you’ve owed them the tax debt. Court action and bankruptcy can extend the ten year time frame though. However, the IRS can file again for a lien extension after the ten years is up. They are given 30 days to do this or lose the opportunity.

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