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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 S. Spokojny

Litigation, Dispute Resolution, Insurance, Credit & Debt

Status: In Good Standing Licensed: 47 Years

CONTACT

30850 Telegraph Rd, Franklin, MI 48025

James E. Roach

Other, Construction, Commercial Real Estate, Contract, Credit & Debt

Status: In Good Standing

CONTACT

31780 Telegraph Road, Franklin, MI 48025

Mark C. Lahti

Government, Credit & Debt, Criminal

Status: In Good Standing Licensed: 40 Years

CONTACT

18474 Beverly Rd, Franklin, MI 48025

Deano Carlos Ware

Landlord-Tenant, Discrimination, Contract, Credit & Debt

Status: In Good Standing Licensed: 22 Years

CONTACT

325 Merton Rd, Highland Park, MI 48203

Scott Donovan Skinner

Landlord-Tenant, Estate Planning, Business, Credit & Debt

Status: In Good Standing Licensed: 12 Years

CONTACT

26711 Woodward Ave, Huntington Woods, MI 48070

Tom J. Berman

Employee Rights, Family Law, Contract, Credit & Debt

Status: In Good Standing Licensed: 20 Years

CONTACT

31601 Research Park Dr, Madison Heights, MI 48071

Andrew Ian Johnston

International, Municipal, Contract, Credit & Debt

Status: In Good Standing Licensed: 9 Years

CONTACT

25900 Greenfield Rd, Oak Park, MI 48237

Elaine M. Niforos

Wills & Probate, Employment, Divorce & Family Law, Credit & Debt

Status: In Good Standing Licensed: 31 Years

CONTACT

201 E 4Th St, Royal Oak, MI 48067

Michael Ericksen

Immigration, Government, Credit & Debt

Status: In Good Standing Licensed: 37 Years

CONTACT

1515 Genesee Dr, Royal Oak, MI 48073

Christopher E. Frank

Credit & Debt, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 22 Years

CONTACT

Royal Oak, MI 48068

800-923-0641

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LEGAL TERMS

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.

CREDIT COUNSELING

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Unde... (more...)

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Under the new bankruptcy law, a debtor must undergo credit counseling with an approved provider before filing for bankruptcy.

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

FRATERNAL BENEFIT SOCIETY BENEFITS

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal socie... (more...)

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal societies that provide benefits. Also called benefit society, benevolent society or mutual aid association benefits. Under bankruptcy laws, these benefits are virtually always considered exempt property.

GUARANTEED RESERVATION

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehic... (more...)

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehicle for you no matter when you show up. If you have a guaranteed reservation with a hotel, it must provide you with a room, either at that hotel or at another comparable establishment. If you have a guaranteed reservation with a car agency, it must provide you with a vehicle. The downside of a guaranteed reservation is that if you don't show up and haven't cancelled your reservation, you will be billed for one night in the room or one day's use of the vehicle.

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.

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.

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

BANKRUPTCY

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are ... (more...)

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies -- liquidation, in which your debts are wiped out (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts. For both consumers and business, liquidation bankruptcy is called Chapter 7. For consumers, reorganization bankruptcy is called Chapter 13. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11. Reorganization bankruptcy for family farmers is called Chapter 12.

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Pleasant Ridge Credit & Debt Lawyer, Michigan, page 5

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Anthony S. Spokojny

James E. Roach

Mark C. Lahti

Deano Carlos Ware

Scott Donovan Skinner

Tom J. Berman

Andrew Ian Johnston

Elaine M. Niforos

Michael Ericksen

Christopher E. Frank

TIPS

LEGAL TERMS

PRESUMED ABUSE

CREDIT COUNSELING

LIQUIDATING PARTNER

FRATERNAL BENEFIT SOCIETY BENEFITS

GUARANTEED RESERVATION

PREFERENCE

LIABILITY

NONEXEMPT PROPERTY

BANKRUPTCY

SAMPLE LEGAL CASES

New Freedom Mtg. Corp. v. Globe Mtg. Corp.

Barth v. FIRST CONSUMER CREDIT, INC.

CHARTER ONE BANK NA v. JP Morgan Chase Bank, NA

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