Is there a statue of limitations of Illinois and federal tax liens? They are all business related. I have filed bankruptcy and discharged in Feb. of 2010 and all liens were placed before bankruptcy.
1 Answer from Attorneys
Technically, it's not the statute of limitations on the recorded liens that matters, but the statute of limitation on the underlying tax liability. Filing a notice of lien secures the government's interest in the debt.
Generally, Illinois taxes have a 20 year statute of limitations and Federal liens 10 years. Federal and state law differs on when to start counting the time. Bankruptcy and certain other events extend the statute of limitations on collection.
Also, if any of your tax liabilities qualified for discharge (individual income taxes in a Chapter 7 may qualify for discharge) those taxes may be eliminated.
An Offer in Compromise is a non-bankruptcy option which may serve to eliminate tax debt.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
