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  1. #1

    Default IRS Lien

    I am making monthly payments to the IRS for $8000 back taxes resulting form my small business going bankrupt.
    The IRS now has a Lien which shows up in my credit report.
    I don't really understand a Lien. I don't own property and I live paycheck to paycheck. I own a 10 year old car.What does the LIEN mean? Would it keep me from getting a car loan for example. How does it restrict me financially? JK

  2. #2
    Join Date
    Jul 2006
    Posts
    5,437

    Default Re: IRS Lien

    The lien will attach to any property (real, personal, mixed) that you get in the future.

    The liens usually last ten years.

  3. #3
    Join Date
    Jan 2006
    Location
    Kentucky
    Posts
    70

    Default Re: IRS Lien

    10 years - hmmm. I have one that the 10-year period expired on in 12/05. Should this fall off my cred rept, or can I have the bureau remove it for age? Seems like I heard the period's been extended to 15 years, do you know?

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