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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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Blair Griewahn

Lawsuit & Dispute, Art, Family Law, Collection

Status: In Good Standing Licensed: 16 Years

CONTACT

121 Drivers Edge Ln, Traverse City, MI 49684

Brace Edward Kern

Elder Law, Contract, Collection, Defamation & Slander

Status: In Good Standing Licensed: 19 Years

CONTACT

3434 Veterans Dr, Traverse City, MI 49684

Carroll Gibbs Clough

Banking & Finance, Bankruptcy

Status: In Good Standing Licensed: 19 Years

CONTACT

3281 Racquet Club Dr, Traverse City, MI 49684

Clark C. Johnson

Real Estate, Aviation, Family Law, Consumer Bankruptcy

Status: In Good Standing Licensed: 54 Years

CONTACT

Glen Arbor, MI 49636

Danica L. Powell

Other, Criminal, Credit & Debt, Electronic Commerce

Status: In Good Standing Licensed: 10 Years

CONTACT

603 Bay St, Traverse City, MI 49684

Daniel J. Dingeman

Estate Planning, Bankruptcy, Construction, Criminal, Business

Status: In Good Standing

CONTACT

100 Park Street, Traverse City, MI 49684

Daniel O. Myers

Class Action, Consumer Rights, Consumer Bankruptcy

Status: In Good Standing Licensed: 31 Years

CONTACT

818 Red Drive, Traverse City, MI 49684

David Hamilton Rowe

Sales & Use Tax, Construction, Contract, Collection

Status: In Good Standing

CONTACT

202 E State St, Traverse City, MI 49684

David H. Rowe

Sales & Use Tax, Construction, Contract, Collection

Status: In Good Standing

CONTACT

202 E State St, Traverse City, MI 49684

David Gregory Boyer

Criminal, Bankruptcy & Debt

Status: In Good Standing Licensed: 34 Years

CONTACT

243 Midtown Dr, Traverse City, MI 49684

800-923-0641

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LEGAL TERMS

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.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

NONPROFIT CORPORATION

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or f... (more...)

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or for some public purpose (such as a hospital, environmental organization or literary society). Nonprofit corporations, despite the name, can make a profit, but the business cannot be designed primarily for profit-making purposes, and the profits must be used for the benefit of the organization or purpose the corporation was created to help. When a nonprofit corporation dissolves, any remaining assets must be distributed to another nonprofit, not to board members. As with for-profit corporations, directors of nonprofit corporations are normally shielded from personal liability for the organization's debts. Some nonprofit corporations qualify for a federal tax exemption under _ 501(c)(3) of the Internal Revenue Code, with the result that contributions to the nonprofit are tax deductible by their donors.

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.

COLLATERAL

Property that guarantees payment of a secured debt.

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

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Glen Arbor Bankruptcy & Debt Lawyer, Michigan

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Blair Griewahn

Brace Edward Kern

Carroll Gibbs Clough

Clark C. Johnson

Danica L. Powell

Daniel J. Dingeman

Daniel O. Myers

David Hamilton Rowe

David H. Rowe

David Gregory Boyer

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LEGAL TERMS

AUTOMATIC STAY

SOLE PROPRIETORSHIP

CHAPTER 13 BANKRUPTCY

ADMINISTRATIVE EXPENSES

NONPROFIT CORPORATION

REAFFIRMATION

COLLATERAL

BULK SALES LAW

SUBROGATION

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