IRS Liens Can Demolish Your Good Credit and Borrowing Capacity!
By filing federal tax liens, the IRS can make your life miserable. Federal Tax Liens are public records that indicate you owe the IRS various taxes. They are filed with the County Clerk in the county from which you or your business operates.
Because they are public records they will show up on your credit report. This often makes it difficult and sometimes even impossible for a taxpayer to obtain any financing, even for an automobile or a home.
In addition, Federal Tax Liens can tie up your personal property and real estate. Once a Federal Tax Lien is filed against your property, you cannot sell or transfer the property without having the lien removed so that you can transfer a clear title.
Often, taxpayers find themselves in a no-win situation where they have property against which they would like to borrow, however, due to the Federal Tax Lien, they cannot use it as collateral secure a loan.