Tax Liens and What You Can Do to Revive Your Credit

Share on Facebook0Share on LinkedIn0Pin on Pinterest0Tweet about this on TwitterShare on Google+0

When a person fails to pay their tax debt, a federal lien can be placed against their property. Such a lien protects the government’s interest in all your property, which includes real estate, personal property, and financial assets. A federal lien goes live after the IRS assesses your liability and puts your “balance due” on the books. They’ll also send you a bill explaining how much you owe (Notice and Demand for Payment). If you still neglect, or refuse, to fully pay your debt in time, the IRS files a public document to alert creditors that the government has a legal right to your property.

Click here to read or watch more IRS Problem resources.

Once alerted, creditors will place this information on your credit report. That’s when life gets interesting. Your credit is negatively impacted. Your purchasing power and ability to get auto loans, school loans, or credit loans will be compromised.

infographic-129-Tax Liens and What You Can Do Revive Your Credit

Share this Image On Your Site

Share on Facebook0Share on LinkedIn0Pin on Pinterest0Tweet about this on TwitterShare on Google+0