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A lien secures the governments interest in your property when you dont pay your tax debt. A levy actually takes the property to pay the tax debt. If you dont pay or make arrangements to settle your tax debt, the IRS can levy, seize and sell any type of real or personal property that you own or have an interest in.
A bank/finance lien is placed on a cars title to indicate that the owner has not finished paying off the loan for the car. If the car owner bought the car with cash instead of taking out a car loan, or if the loan has been paid off, there will be no lien.
Record the lien of security interest with Clerk of Superior Courts office in the county where the vehicle owner resides, under the provisions of the Uniform Commercial Code. Contact the Georgia Superior Court Clerks Cooperative Authority for required forms, filing fees, and additional information.
Liens wont automatically hurt your credit. Consensual liens are harmless, so long as theyre repaid. Others, such as mechanics or judgement liens, can negatively impact your financial situation. Aim to keep all of your liens consensual to keep your credit score and report in good standing.
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