Leelanau County, MI Reorganization Lawyers

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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.
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Richard J. Figura

Land Use & Zoning, Dispute Resolution, Government Contract, Limited Liability Companies, Medical Malpractice

Status: In Good Standing

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11470 S Leelanau Hwy, Empire, MI 49630

Robert D. Aicher

Litigation, Employee Rights, Divorce, Business

Status: In Good Standing Licensed: 48 Years

CONTACT

1976 S Manitou Trl, Lake Leelanau, MI 49653

Charles A. Gilfeather

Traffic, Workers' Compensation, Child Custody, Bankruptcy

Status: In Good Standing Licensed: 48 Years

CONTACT

Northport, MI 49670

Dan A. Penning

Agriculture, Employee Rights, Estate Planning, Business

Status: In Good Standing Licensed: 38 Years

CONTACT

206 N Saint Joseph St, Suttons Bay, MI 49682

Matthew J. Feil

Family Law, Criminal, Consumer Protection, Native People

Status: In Good Standing Licensed: 25 Years

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2605 N West Bay Shore Dr, Suttons Bay, MI 49682

John F. Petoskey

Native People, Civil & Human Rights, Business

Status: In Good Standing

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2605 N West Bay Shore Dr, Suttons Bay, MI 49682

John Peter Miller

Real Estate

Status: In Good Standing Licensed: 39 Years

CONTACT

201 N. Main Street, Leland, MI 49654

Matthew L. Posner

General Practice

Status: Inactive Licensed: 43 Years

CONTACT

Suttons Bay, MI 49682

Marian F. Kromkowski

Dispute Resolution, Estate Planning, Family Law, Divorce & Family Law

Status: In Good Standing Licensed: 45 Years

CONTACT

8527 E Government Center Dr, Suttons Bay, MI 49682

Martha L. Black

Real Estate, Estate Planning

Status: In Good Standing Licensed: 44 Years

CONTACT

Suttons Bay, MI 49682

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LEGAL TERMS

DISPOSABLE INCOME

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Ch... (more...)

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.

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.

BANKRUPTCY TRUSTEE

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is t... (more...)

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, liquidate it and distribute it proportionally to her creditors. In a Chapter 13 case, the trustee's role is to receive the debtor's monthly payments and distribute them proportionally to her creditors.

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

INFRINGEMENT (OF TRADEMARK)

Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringeme... (more...)

Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringement turns on whether the defendant's use causes a likelihood of confusion in the average consumer. If a court determines that the average consumer would be confused, the owner of the original mark can prevent the other's use of the infringing mark and sometimes collect damages.

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.

FRAUDULENT TRANSFER

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee --... (more...)

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

S CORPORATION

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status fro... (more...)

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status from the Internal Revenue Service. Electing to do business as an S corporation lets shareholders enjoy limited liability status, as would be true of any corporation, but be taxed like a partnership or sole proprietor. That is, instead of being taxed as a separate entity (as would be the case with a regular or C corporation) an S corporation is a pass-through tax entity: income taxes are reported and paid by the shareholders, not the S corporation. To qualify as an S corporation a number of IRS rules must be met, such as a limit of 75 shareholders and citizenship requirements.

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Leelanau County, MI Reorganization Lawyers

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Richard J. Figura

Robert D. Aicher

Charles A. Gilfeather

Dan A. Penning

Matthew J. Feil

John F. Petoskey

John Peter Miller

Matthew L. Posner

Marian F. Kromkowski

Martha L. Black

TIPS

LEGAL TERMS

DISPOSABLE INCOME

SOLE PROPRIETORSHIP

BANKRUPTCY TRUSTEE

IRS EXPENSES

INFRINGEMENT (OF TRADEMARK)

NONPROFIT CORPORATION

FRAUDULENT TRANSFER

PRESUMED ABUSE

S CORPORATION

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