How Bankruptcy Affects Tax Liens

San Jose Tax Lien Attorney

Work with an Experienced Team Serving the Bay Area

Tax liens can affect all property you own. Legally speaking, tax liens can impair your ability to sell or transfer your car, house, and furniture! But help might be available. Through bankruptcy, you might be able to pay back the taxes at pennies on the dollar, at very reasonable interest rates. In addition, the unpaid portion of the taxes will be wiped out or discharged. Contact us online or call (408) 465-4472 for a free initial consultation with a tax lien lawyer in San Jose to learn more about your rights. We serve those living in Northern California, including but not limited to Salinas, San Jose, and Oakland.

What Is a Tax Lien?

If you owe past-due taxes, the government may file a legal claim or tax lien on your real estate or other assets. Tax liens typically involve wage garnishments, seizing your property, and even bank accounts. If you have a tax lien, this could lessen your chances of being able to get a loan, sell a home, or refinance. On the other hand, if you do not respond to the tax lien, it may turn into a tax levy, which is the seizure of your property to pay the taxes you owe.

Options for Resolving the Tax Lien

There are many ways to get your tax lien removed. To learn more, reach out to us. We can help you understand while option will work best for your situation.

Common ways to remove a tax lien:

  • File for bankruptcy.
  • File an appeal.
  • Negotiate a payment plan with the IRS.
  • Request an Offer in Compromise.
  • Pay the overdue taxes.

What Is an Offer in Compromise? How Does It Work?

This option is available to individuals who owe more to the IRS than they can pay. They must be unable to pay because funds are unavailable or because paying the entire amount would create a financial burden or hardship.

If this is your situation, you may enter into an agreement with the IRS to pay less than your entire tax debt over time, which is the Offer in Compromise. The IRS will assess your application and may approve or deny it. They may also request more information or documentation if necessary.

Dial (408) 465-4472 For a Free Consultation With a Tax Lien Attorney in San Jose. We Serve Clients in Oakland and Salinas.

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