IRS Bank Levys And Liens

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A lien is a legal claim against real property filed in a county court house.

A levy is the action of taking an asset (wages, bank account, etc.) to satisfy payment of a debt.

A subordination is getting the IRS to allow another creditor a higher collateral security position in your assets.

If you get a bank levy notice, follow the procedures for contacting the issuer and resolving the matter.

The IRS will file a lien to protect their interests against you selling the property to a third party. For the most part there isn’t much you can do about it. The IRS maintains that it has a right to protect their interests.

I may be able to help you solving lien, levy, and subordination problems. Call me now at 713-774-4467!

Removing IRS Liens

The IRS Pub 764 incorporates detailed information regarding the application for a lien subordination. Do a Google search and download a copy. It has a great section on how to prepare the application and what to do afterward.

Reasons the IRS will give you a subordination:

a) You can offer approximately 3 times the value of your liability as collateral, or you can buy an insurance bond for approx. 3 times the liability.
b) You can show that it will be easier for the IRS to collect more money by doing the subordination, like getting all the proceeds on the sale of your house, for example.

When I represented my clients, I have received approval for several lien subordinations, depending on the circumstances. The following points should be helpful for your success.