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What Happens in a Debt Collection Lawsuit?

If you are in serious financial trouble and unable to pay off your debts, avoiding them is the last thing you want to do. Failure to make your credit card payments, car payments, house payments, or other monthly payments will result in debt collection procedures. From phone calls to collections letters, and repossession to wage garnishment, collectors will take any number of measures to collect what is owed to them. The first step they will take, however, is to send your debt to a debt collection law firm. As soon as you learn that your debt went to a collection firm, contact the bankruptcy attorneys at Jim A. Lyon Law Firm right away to learn more about your legal options. Once Your Debt is Sent to a Collection Firm... Once your debt is sent to a debt collection law firm, you will be notified in writing that you have 30 days to pay off your debt or to dispute it. The firm will give you instructions on how to do either or. The notice may also inform you that if they do not receive a response, a civil lawsuit will be filed against you. If you receive a letter from a debt     Read More

Medical Debt in Chapter 7 and 13 Bankruptcy

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 for Chapter 7 bankruptcy. Medical debt is treated a non priority debt in Chapter 7 bankruptcy. Even in the event     Read More

Navigating complex probate issues

Will your family go through the probate process after the death of a loved one? In probate, a person's assets are valued and distributed to heirs, debts are settled, and property ownership rights passed to the intended beneficiaries. In some cases, the probate process is smooth, if not time-consuming. Certain estates involve more complex factors, such as out-of-state property holdings, and it may take longer. Complex probate issues can be frustrating and overwhelming, and if you find yourself in this situation, you may benefit from an Oklahoma lawyer who can protect your rights and resolve these matters in a prompt manner. When probate involves oil and gas properties If you inherited oil or gas property or mineral rights to property, probate will be a bit more complicated. It is critical to work with a lawyer who can protect your rights and ensure that you receive the royalties to which you are entitled. There are important questions that require answers, such as: Where is the oil or gas property located? Is the property in question directly addressed in the will? Does the oil and gas company currently hold royalty money in suspense? If the property is located outside of the deceased's home     Read More

The Role of Property Ownership After Filing for Chapter 13 Bankruptcy

By Jim Lyon of Jim A. Lyon Law Firm on Saturday, December 31, 2016. Chapter 13 bankruptcy allows individual to maintain ownership of property in exchange for repayment of at least some of an individual's debts. The reason why Chapter 13 bankruptcy allows individuals to maintain ownership of property is because Chapter 13 bankruptcy is designed for individuals or married couples who are earning at least some income and who are able to repay a portion of their due debts over a period of time. Surrendering Property Ownership When an individual files for bankruptcy, individuals must fill out a Statement of Intention which tells creditors what the individual plans to do with the property. While individuals can choose to keep the property and pay for it, Chapter 13 bankruptcy code allows a bankruptcy filer to resolve a debt by surrendering property. When individuals surrender property in a Chapter 13 bankruptcy, the individuals should make sure to transfer property quickly to avoid facing additional debts and fines from the city.Individuals should note that even if they have filed for Chapter 13 bankruptcy, the title to property will remain in an individual's name until the title to the property is transferred. Because     Read More

“What Becomes of My Home If I Die Before Paying It Off?”

Once upon a time, owning a home outright was the norm, and dying with a mortgage was unthinkable. Today however, with home prices being as high as they are, and with "downsizing" being the new trend among elderly individuals, it is not uncommon to die with a significant amount of mortgage left to pay off. According, as of 2010 35 percent of individuals aged 65-74 still had a mortgage debt (a 15 percent increase from 1992), while a little more than 20 percent of individuals 75+ still owed money on their homes (a 15 percent increase from 1992). As more and more people are buying homes later in life, those numbers are only projected to increase. Which begs the question: if you still have a mortgage on your home when you pass, what becomes of the home? There are several ways that your estate may be handled if you still owe a mortgage on your home when you pass away. If you still owe a significant amount of money on your home, and if you are worried about what will become of your home (and the subsequent mortgage) when you are gone, contact Jim A. Lyon Law Firm. Our Oklahoma City     Read More

When Should I Make A Will?

Most people do not think to make a will until later in life, only once the fact of their mortality starts to sink in, or after a "triggering event" occurs. Fortunately, many individuals make it to old age and are given the opportunity to create a will. For a select few individuals, however, life is not so kind, and is ended abruptly by an accident or illness. These individuals often have no will in place to instruct their heirs on how their estate should be distributed. Without a will in place, your assets may not go to the individual you intended them for or, worse yet, go to an estranged family member whom you have not had a relationship with for years. At Jim A. Lyon Law Firm, our Oklahoma City probate attorneysencourage individuals to draft a will early on in life, that way they can protect their loved ones and their assets in the event of their death. Many people assume that they have plenty of time to draft a will, but the truth of the matter is that life is full of the unexpected. Prepare for the unexpected, and consult with our lawyers about drafting your estate planning documents today. Triggering     Read More

Who Has the Right to Make Burial Arrangements in Oklahoma?

Death is not something that people commonly talk about, and so when a loved one dies, their family members are left to guess at how they wished to be laid to rest. Because of this, burial arrangements are oftentimes a point of contention amongst family members. Unfortunately, due to conflicting religious views and beliefs, burial arrangement discussions can cause unnecessary tension and fighting at a time when family members should be supporting one another. At Jim A. Lyon Law Firm, we understand that the post-death process is already difficult enough on families, without the added stress of determining the way in which a loved one wished to be memorialized. Because of this, our Oklahoma City probate lawyer encourages individuals to create written instructions regarding their funeral arrangements, or at the very least, designate an individual whom they trust to make those decisions on their behalf. Make Arrangements Before You Pass There are two ways that you can arrange for your own funeral: one is to select an individual whom you feel knows you well, and leave your funeral arrangements up to their discretion. The appointment should be in writing - such as in your will - and witnessed. Another option is to preplan your funeral or cremation.     Read More

Oklahoma Estate Planning Involving Adopted Children

For individuals who die without a will in the state of Oklahoma, that individual's assets will proceed to the individual's closest relatives under state "intestate succession" laws. Intestacy law in the state of Oklahoma is particularly complicated and can include a variety of issues. One common question by many individuals in the estate planning process is what effect an adoption will have on a child who desires to collect an inheritance of a biological parent under applicable law. Law about Wills in the State of Oklahoma For individuals who die without a will in the state of Oklahoma, that individual's children will receive an "intestate share" of that individual's property. For children to inherit under these laws, the state of Oklahoma must consider these individuals the legal children of the deceased individuals. Determining whether an individual is legally a deceased individual's family can be significantly influenced by whether an individual is adopted. Children who are legally adopted will receive an intestate share in the same way as biological children. Foster children and stepchildren who were never legally adopted will not automatically receive a share of a deceased individual's state. Conversely, children who were placed for adoption and legally adopted by another family will not     Read More

Oklahoma Estate Planning Involving Step Children

Estate planning is essential for individuals to make sure that their family is protected and that their property is distributed according to the individual's precise wishes rather than in accordance with Oklahoma law. Dying without adequate estate planning in Oklahoma City or any part of Oklahoma can greatly the amount of obstacles and issues that are encountered surrounding one's death. One of the groups that is often left uncertain about exactly how estate planning matters should proceed are step children, who frequently have questions about intestacy rights. Who Is Considered A Step Child Step children are the children of an individual's partner or spouse. In order to be considered a step child, the child need not be adopted by an individual. In the event that adoption does occur, a step-child legally becomes an individual's child with the same relationship in the eyes of the law as biological children. Because no legal relationship exists between an individual and a step child, an individual has no obligation to leave anything to the individual's step child. While Oklahoma has laws that protect children who are accidentally left out of a will and assign a percentage of an estate to children whose parent dies     Read More

The Role of Codicils in Estate Planning

In a number of cases, individuals desire to change a first will due to a variety circumstances that can significantly change conditions for the individual including the birth of children, disagreements with relatives, divorce, and marriage. In these situations, codicils can be of great importance. While many individuals have heard of codicils, few individuals understand exactly what codicils are. A codicil is a supplement to a will that adds or deletes conditions to an original will. It should be noted that the same requirements that apply to a will also apply codicil. The Advantage of Codicils Individuals who are interested in using a codicil should begin by asking what types of changes to the last will and testament that the codicil is intended to reflect. In cases of minor issues, codicils are a particularly wise idea to implement for estate planning. Small changes including facts, figures, personal representative names, and other revisions that do not significantly change how a will are the types of changes that can be successfully covered by codicils. Another instance where a codicil is useful are situations where the mental competency of the individual who created the will is in doubt. A codicil can limit the potential repercussions     Read More