Monthly Archives: April 2019

Advice on Recovering From Bankruptcy

Filing for bankruptcy can be an uncomfortable and overwhelming experience. While bankruptcy has the potential to let a person rebuild his or her credit score, bankruptcy can also cause a number of challenges including difficulty in securing credit. The following will review some strategies people can use to bounce back more quickly after filing for bankruptcy. Create a Budget If you are not familiar with living on a budget, it can be difficult to begin doing so. The first step in being able to successfully manage money, however, is to create a plan to do so. A budget should cover all of the necessities that you need to pay each month including mortgage or rental and insurance costs.   Use Cash to Pay for Things Carrying around a small amount of cash can help make sure that you stay on budget and avoid buying more than you can afford. While using cash might be a good temporary way to avoid excessive spending, some people discover that this is a particularly effective way to reduce sending and make it a permanent habit. Pay Bills on Time Late payments suggest to lenders that you are not responsible in handling you money. In     Read More

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Issues of Incapacity in Estate Planning

One of the most common estate planning mistakes is to focus on creating trusts and wills to make sure that property is transferred according to your wishes, to the exclusion of anything else. Another essential issue to consider when estate planning is incapacity. When a person is unable to make medical decisions or handle a situation because of an injury or medical condition, someone else needs to step in. In Oklahoma, a person’s wishes for how incapacity issues should be handled should be clearly outlined in an advance care directive. Healthcare Directives When a person experiences incapacity, he or she is unable to provide details about what type of medical care he or she should receive. Healthcare directives become effective when a person is no longer able to speak for him or herself as a result of a medical condition. These directives allow a person to list the types of medical treatment he or she would like to receive and not like to receive. After a person executes a healthcare directive, a person has the option to alter or revoke it at any time. Healthcare Power of Attorney There are a number of medical procedures that might be used for     Read More

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The Role of Transfer on Death Accounts in Oklahoma Estate Plans

Some people find it hard to believe, but it is possible for joint account holders to determine who should receive the assets in an account after the surviving account owner passes away. Accounts referred to as transfer on death accounts (which are also sometimes referred to as payable on death accounts or Totten trusts) allow joint account owners to determine how assets should be passed on after the death of both account holders. Because these types of accounts can play a particularly important role in estate planning, the following will take a brief examination of how these accounts operate. Understanding How Transfer on Death Accounts Operate A person who creates a transfer on death account is responsible for the results of asset transfers from the account. Many people who create transfer on death accounts decide to create the account with language stating that a person indemnifies a bank from any claims if the individual relocates, beneficiary plans go against estate plans, or any other complexity that can interrupt the transfer of assets. The recipient of assets that are placed in a transfer on death account can be a child, a relative other than a spouse, and even a friend. The     Read More

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Common Mistakes Made During the Bankruptcy Process

The bankruptcy process can forever change your life. While many people are capable of realizing positive change through bankruptcy, by making mistakes during the process, some people can end up facing obstacles that last for years. The following will review some common mistakes to avoid when filing for bankruptcy. Not Honestly Disclosing Your Assets Chapter 7 bankruptcy involves a means test, which requires you to disclose all of your assets and income because this amount determines your ability to pay off creditors. If you do not honestly disclose your assets, there is a good chance that your case will be dismissed. In some situations, you might even be prohibited from ever filing for bankruptcy again. Giving Assets to Family Members You are prohibited from giving away any of your assets to friends or relatives with the understanding that they will give the assets back to you at a later date, after your bankruptcy filing is complete. There is a risk that if you attempt to hide assets in such a way, you could end up losing them. Accruing Credit Card Debt Before Filing for Bankruptcy If a creditor determines that you purposefully accrued additional credit card debt in anticipation of     Read More

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