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Tricia Terry
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Marrs & Terry, PLLC
6553 Jackson Road Ann Arbor, MI 48103Â» view map
Bankruptcy & Debt
Personalized, Efficient Counsel

Marrs & Terry, PLLC have been helping individuals face a variety of legal challenges, including bankruptcy, estate planning and administration, and family law.

800-862-7221
1. Tricia Terry Ann Arbor, MI
  Attorney at Law- MI, 1999
  Thomas M. Cooley Law School, J.D.
2. AboutExperienced Michigan Lawyer
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Anthony Joseph Frasca

International Tax, Trusts, Estate Planning, Reorganization

Status: In Good Standing Licensed: 17 Years

CONTACT

2723 S State St, Ann Arbor, MI 48104

Anthony Joseph Frasca

International Tax, Trusts, Civil & Human Rights, Reorganization

Status: In Good Standing Licensed: 17 Years

CONTACT

2723 S State St, Ann Arbor, MI 48104

Benjamin Howard Salvette

International Tax, Copyright, Estate, Reorganization

Status: In Good Standing Licensed: 11 Years

CONTACT

4483 Hillside Ct, Ann Arbor, MI 48105

Caroletta L. Sprinkle

Other, Criminal, Contract, Reorganization

Status: In Good Standing Licensed: 30 Years

CONTACT

6689 Orchard Lake Rd, West Bloomfield, MI 48322

Charles D. Bullock

Family Law, Reorganization, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 30 Years

CONTACT

26100 American Dr, Southfield, MI 48034

David M. Rosenberger

Tax, Gift Taxation, Employee Rights, Reorganization

Status: In Good Standing Licensed: 49 Years

CONTACT

33 Bloomfield Hills Pkwy, Bloomfield Hills, MI 48304

Edward J. Gudeman

Bankruptcy & Debt, Business & Trade, Reorganization, Credit & Debt, Consumer Bankruptcy

Status: In Good Standing Licensed: 51 Years

CONTACT

1026 West Eleven Mile Road, Royal Oak, MI 48067

Evangeline Nketia

Reorganization, Estate Planning, Business

Status: In Good Standing

CONTACT

1901 Saint Antoine Street, Detroit, MI 48226

Fionnuala M. Holowicki

Estate, Reorganization

Status: In Good Standing Licensed: 29 Years

CONTACT

455 E Eisenhower Pkwy, Ann Arbor, MI 48108

Gail D. Pabarue

Health Care Other, Non-profit, Business, Reorganization

Status: In Good Standing Licensed: 39 Years

CONTACT

2730 Winter Garden Ct, Ann Arbor, MI 48105

800-923-0641

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LEGAL TERMS

LIABILITY

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pi... (more...)

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pipe bursts the day after Paul installs it, ruining the bathroom floor. This raises the issue of liability: Who is responsible for the damage? Peri claims that Paul is responsible, and sues him for the cost of hiring another plumber to fix the pipe and replacing the floor. Paul, in turn, claims that the pipe manufacturer is responsible, because they supplied him with faulty materials. Both Peri and Paul must prove their claims in court; if Paul and/or the manufacturer is found liable, one or both will have to pay damages to Peri. (2) Something for which a person is liable. For example, a debt is often called a liability.

LIMITED PARTNERSHIP

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner ... (more...)

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner or partners (called general partners) have unlimited personal liability. The key difference between a general and limited partner concerns management decision making--general partners run the business, and limited partners, who are usually passive investors, are not allowed to make day-to-day business decisions. If they do, they risk being treated as general partners with unlimited personal liability.

CREDIT BUREAU

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit... (more...)

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit card companies that use the information to screen applicants for loans and credit cards. There are three major credit bureaus, Equifax, Experian and Trans Union, and they are regulated by the federal Fair Credit Reporting Act.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

REAFFIRMATION

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing deb... (more...)

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy case is over. For instance, a debtor might make a reaffirmation agreement with the holder of a car note that the debtor can keep the car and must continue to pay the debt after bankruptcy.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

CREDIT FILE

See credit report.

PRIORITY DEBT

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13... (more...)

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13 bankruptcy. Priority debts include alimony and child support, fees owed to the trustee and the attorney in the bankruptcy case, and wages owed to employees.

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Azalia Reorganization Lawyer, Michigan

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Anthony Joseph Frasca

Anthony Joseph Frasca

Benjamin Howard Salvette

Caroletta L. Sprinkle

Charles D. Bullock

David M. Rosenberger

Edward J. Gudeman

Evangeline Nketia

Fionnuala M. Holowicki

Gail D. Pabarue

TIPS

LEGAL TERMS

LIABILITY

LIMITED PARTNERSHIP

CREDIT BUREAU

AUTOMATIC STAY

WORKOUT

REAFFIRMATION

PREFERENCE

CREDIT FILE

PRIORITY DEBT

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