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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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Thomas Paluchniak

Collection, Consumer Bankruptcy, Commercial Bankruptcy, Bankruptcy

Status: In Good Standing

CONTACT

712 Stanley St, Ypsilanti, MI 48198

David J. Hutchinson

Litigation, Employee Rights, Divorce, Contract, Collection

Status: In Good Standing

CONTACT

3068 Bluett Rd, Ann Arbor, MI 48105

Wilson P. Tanner

Family Law, Child Custody, Criminal, Civil Rights, Collection

Status: In Good Standing Licensed: 25 Years

CONTACT

117 N 1St St, Ann Arbor, MI 48104

Lloyd E. Powell

Estate Planning, Labor Law, Elder Law, Collection

Status: In Good Standing Licensed: 53 Years

CONTACT

220 E Huron St, Ann Arbor, MI 48104

Delphia T. Simpson

Government, Criminal, Collection

Status: In Good Standing Licensed: 27 Years

CONTACT

220 E Huron St, Ann Arbor, MI 48104

David A. Santacroce

Litigation, Lawsuit & Dispute, Collection, Consumer Bankruptcy

Status: In Good Standing Licensed: 32 Years

CONTACT

801 Monroe St, Ann Arbor, MI 48109

Sheila Spalding Blakney

Criminal, Collection

Status: In Good Standing Licensed: 37 Years

CONTACT

220 E. Huron Street, Ann Arbor, MI 48104

Steven M. Dodge

Litigation, Deportation, Criminal, Collection

Status: In Good Standing Licensed: 37 Years

CONTACT

7960 Grand River Rd, Brighton, MI 48114

Deborah A. Labelle

Environmental Law, Civil & Human Rights, Collection, Gay & Lesbian Rights

Status: In Good Standing Licensed: 45 Years

CONTACT

221 N Main St, Ann Arbor, MI 48104

Michael J. Barnhart

Criminal, Collection

Status: In Good Standing Licensed: 56 Years

CONTACT

221 N Main St, Ann Arbor, MI 48104

800-923-0641

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LEGAL TERMS

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

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.

INTEREST

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to ... (more...)

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to your balance. This means that if your loan or credit line has an interest rate of 8%, the holder adds 8% to the balance each year. More specifically, interest is calculated and added to your loan or credit line through a process called compounding. If interest is compounded daily, the balance will rise by 1/365th of 8% each day. If interest is compounded monthly, the balance will rise 1/12th of 8% at the start of each month.

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.

DISCHARGEABLE DEBTS

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bill... (more...)

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bills and medical bills. Compare nondischargeable debts.

FORBEARANCE

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily ... (more...)

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily postponing or reducing the borrower's payments.

CYBERSQUATTING

Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. T... (more...)

Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. The Anticybersquatting Consumer Protection Act of 1999 authorizes a cybersquatting victim to file a federal lawsuit to regain a domain name or sue for financial compensation. Under the act, registering, selling or using a domain name with the intent to profit from someone else's good name is considered cybersquatting. Victims of cybersquatting can also use the provisions of the Uniform Domain Name Dispute Resolution Policy adopted by ICANN, an international tribunal administering domain names. This international policy results in arbitration of the dispute, not litigation.

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.

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Whitmore Lake Collection Lawyer, Michigan

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Thomas Paluchniak

David J. Hutchinson

Wilson P. Tanner

Lloyd E. Powell

Delphia T. Simpson

David A. Santacroce

Sheila Spalding Blakney

Steven M. Dodge

Deborah A. Labelle

Michael J. Barnhart

TIPS

LEGAL TERMS

ACCORD AND SATISFACTION

SETOFF

S CORPORATION

INTEREST

NONPROFIT CORPORATION

DISCHARGEABLE DEBTS

FORBEARANCE

CYBERSQUATTING

LIMITED PARTNERSHIP

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