Fonfrias Law Group, LLC

Fonfrias Law Group, LLC

June 30, 2015 19:12 ET

Chicago Bankruptcy Lawyer Richard Fonfrias Provides Facts on IRS Tax Liens

Offering Important Information on a Variety of Legal and Financial Topics, Respected Chicago Bankruptcy Lawyer and Financial Rescue Specialist Richard Fonfrias of the Fonfrias Law Group, LLC, has Added an Article to His Website About What Every Taxpayer Should Know About IRS Tax Liens

CHICAGO, ILLINOIS--(Marketwired - June 30, 2015) - To help those in financial trouble and provide information on a host of important legal and financial topics including bankruptcy, foreclosure, and tax issues, financial rescue specialist and Chicago bankruptcy attorney Richard G. Fonfrias, J.D., managing partner of the Fonfrias Law Group, LLC, has added another article to his Chicago law practice's website ( The article, IRS Tax Liens: What Every Taxpayer Needs to Know, explains in plain language what a tax lien is, how it differs from a tax levy, and what happens when a federal tax lien is placed against a taxpayer's property.

"As a financial rescue and bankruptcy lawyer, I can only imagine how difficult it must be for the average person to understand and decipher Federal Tax Law and State Tax Law. Liens are a very complex area of tax law. I wrote the IRS Tax Lien article for my website because I wanted to share some basic information. I hope it will give people a better understanding of what tax liens are and how a lien might affect them," says Fonfrias.

A few points from the IRS Tax Liens article:

  • An (IRS) lien is a Federal tax lien (FTL) placed against a property by the IRS. It is like a lien on a car or a mortgage on a home, except it is placed against everything the taxpayer owns, including, furniture, clothing and cash. It can also include future interests and property acquired after the lien has been placed.

  • An IRS lien is non-consensual; it is placed on property without permission or consent and is dormant until the taxpayer tries to do something with the property or till the IRS starts court action to foreclose.

  • An IRS lien differs from a levy; a levy is when the IRS seizes property, a lien is used to force taxpayers in arrears to pay taxes owing.

  • An IRS lien remains on a property until all taxes are paid, or until the statute of limitations makes it legally unenforceable, usually ten years, however, there are several ways the statute can be extended.

"The statue of limitations on an IRS lien can be extended by a waiver signed by the taxpayer when submitting an offer in compromise. The IRS can also sue the taxpayer in court to get a judgment that removes the statute of limitations so that the lien remains in force until it's paid. As well, the IRS can seize taxpayer assets, or serve notice of levy on a third party before the collection period expires. Even after the collection statute and the levy expire, the seized property can be sold, or the levy enforced against the third party," explains Fonfrias.

"Through my website article, radio shows, and free seminars, I try providing the information that people need to know so that they can make the right decisions and protect their assets. As a Chicago bankruptcy lawyer, I'm often asked whether an IRS tax lien can be discharged in bankruptcy. It is a complicated issue, and the answer depends on the individual's specific circumstances. I would advise anyone concerned about a possible IRS lien to educate themselves as best they can, and then call a reputable lawyer," adds Fonfrias.

About Fonfrias Law Group: Chicago financial rescue expert and bankruptcy lawyer Richard Fonfrias of the Fonfrias Law Group has earned a solid reputation helping people with serious money problems. The Fonfrias Law Group is Chicago's experienced financial rescue and bankruptcy team, providing financial legal services that include bankruptcy, tax defense, debt consolidation, foreclosure defense, bad credit repair, debt management, loan and mortgage refinancing advice. Ready to assist consumers and businesses in serious financial trouble, Richard Fonfrias invites your questions about Illinois bankruptcy, foreclosure, credit card debt, loans, tax liens or other financial concerns. For more information or to arrange a complimentary first-time consultation with Richard, call 312-969-0730 or inquire online

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