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Tax Lien

Definition - What does Tax Lien mean?

A tax lien is a right that the government has to claim a tax payer's assets if he or she has stopped paying taxes. If a tax lien is placed on an individual, then he or she must pay back the taxes within a certain amount of time, or his or her assets such as bank accounts, cars, property, etc. can be claimed by the government.

Justipedia explains Tax Lien

If the government puts a tax lien on a person, there are only a few ways that they can get out of it. First, they can pay the tax; second, they can try to have the tax deleted in bankruptcy court; or third, they can try to reach a compromise with the IRS. If the person who is facing a tax lien fails to do any of those things, then they may find their property being seized by the government.

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