If a tax lien is filed against personal property can they take money from an insurance settlement?
Posted by MarkJun 21
I just had a tax lien filed against my husband and I and I’m worried that I will never see the money that we just settled on from the insurance company regarding a car accident? Can anyone tell me if I will get my money or not?
We were paying on our back taxes until I and my husband became unemployed.
I’m just worried that somehow they will get our insurance settlement (not much) before we even see it.
We need this money to pay bills or we will be homeless and no way of paying bills
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Not enough information: What kind of lien are you asking about?
If the IRS has slapped a lien on personal property that will almost certainly include your bank accounts. If they are seized, any funds in the account are at risk. The IRS only resorts to this if you have not made a good faith effort to settle your debt with them.
You want your money. IRS wants theirs. Who do you think comes first?
Better plan on paying the settlement toward your tax debt. Tax liens only occur when a problem has not been resolved by other means. This can’t be new news to either of you.
Probably they will take it, unless the IRS slips up and misses it.
The lien is a notice to creditors that the IRS has a claim on your assets. Including insurance settlements.
You should. A lien is generally enforced against real property. Insurance settlement money would normally be attached with a levy, and it’s unlikely the taxing authority would be aware of it.