Lien Release

A lien is an aggressive tool implemented by the IRS to ensure compliance with tax rules and regulations. It is a way for the IRS to bargain for the monies due the government. A lien is actually a legal claim made by a claimant upon a debtor's property. Until the debtor pays or makes arrangements to pay off the debt, the claimant holds the property. The payment of the debt results in a removal of the lien. It will, however, remain as part of your credit record for 7 years. A lien release is obtained through a variety of measures. Negotiation to institute an installment tax pay back plan is one means of ensuring a lien release. The government may also withdraw the tax lien if they think it will speed up the collection of the monies owed. The IRS may also decide to issue a lien release if it is in the best interests of both parties. To arrive at this conclusion, the debtor will have to consult a Taxpayer Advocate.

Fast Facts

  • A tax lien released or otherwise remains a part of your credit record for 7 years.
  • It is estimated that 97% of all tax liens pay off within a 2 years period.

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Articles

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  • Alaska Mechanic Lien Laws

    Do you do business in Alaska, either as a subcontractor, prime contractor, tradesperson, or laborer? If so, yo...
    • Site: realestatelawyers.com
    • 2 of 3 user(s) found this useful
  • Connecticut Mechanics Lien Laws

    The individuals and companies involved in the construction industry in the state of Connecticut should be fami...
    • Site: realestatelawyers.com
  • Kentucky Mechanic Lien Laws

    Contractors, sub contractors, and materials suppliers in the state of Kentucky should be aware of the applicab...
    • Site: realestatelawyers.com
    • 2 of 2 user(s) found this useful
  • Maryland Mechanics Lien Laws

    In the state of Maryland, understanding the procedures and deadlines for claims of liens is an essential compo...
    • Site: realestatelawyers.com
    • 2 of 2 user(s) found this useful
  • Colorado Mechanics Lien Laws

    Colorado lien laws protect construction workers and contractors from fraud and non-payment during projects. Ge...
    • Site: realestatelawyers.com
    • 2 of 3 user(s) found this useful

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