Monthly Archives: January 2017

Medical Debt in Chapter 7 and 13 Bankruptcy

By Jim Lyon of Jim A. Lyon Law Firm posted in Bankruptcy on Wednesday, January 25, 2017. Healthcare is increasingly in cost and a growing number of individuals in the United States lack adequate health insurance coverage. Sometimes, individuals file Chapter 7 bankruptcy in an effort to eliminate medical debts. All individuals who are interested in filing Chapter 7 bankruptcy for this reason should understand some of the key details about this particular process. The Classification of Debts in Chapter 7 Bankruptcy Not all debts are viewed in the same manner by the government. Instead, some debts are classified as more important than other types of debts. Secured debts including motor vehicles or homes occur if a credit has a lien on an individual's property can repossess or foreclose on the property if an individual fails to make payments. Unsecured debts are not secured by a piece of property and include two subdivisions, priority debts and non priority debts. Priority debts are usually incapable of being discharged by bankruptcy and are paid before many other debts in Chapter 7 bankruptcy. Nonpriority debts do not receive special treatment are the last type of debts to get paid when an individual files     Read More

Oklahoma Pour-Over Wills

By Jim Lyon of Jim A. Lyon Law Firm on Saturday, January 21, 2017. Many individuals are uncertain of exactly what constitutes a pour-over will. Pour-over wills must meet specific legal requirements in order to be effective estate planning tools. Pour-over wills are designed to work in conjunction with another estate planning tool called a revocable living trust. This article will understand some of the key elements about pour-over wills that individuals in Oklahoma who interested in estate planning should understand. The Relationship Between Pour-Over Wills and Living Trusts Many individuals in Oklahoma are familiar with the concept of a will, which is the most common type of estate planning tool. A last will and testament can be used by individuals to make gifts to whomever the individual likes. Individuals have the ability to revise the terms of a will at any point or even complete revoke the will if the individual's wishes change. Living trusts are another important type of estate planning tool. With living trusts, individuals transfer assets into the trust's name. The trust is then used as a tool through which an individual can name beneficiaries. Living trusts are an excellent option because these devices allow individuals     Read More