Seizures of Assets

Seizures of Assets

Unlike a levy, which involves liquid assets such as your bank account, a seizure is the taking of physical assets, such as your home or car. Seizures happen in aggravated cases when someone ignores repeated requests by the IRS over a long period.

Do not take seizure threats lightly. If you fail to address your tax issues, the IRS will ultimately pursue seizure of your physical assets. Do not think they will not. Many newspapers or television shows have reported on citizens forced out of their homes after the home is sold at an IRS auction, often for far less than its true value.

When the IRS seizes your assets, they want to liquidate them quickly to get the cash to reduce your debt with them. They sell seized assets at auction, which means they often get less than half of what the asset is worth. You can be sure you are losing much of your equity in the asset. And if the reduced price does not satisfy your Tax Debt in full, you will still owe the balance!!!

 

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