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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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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

Charles D. Bullock

Family Law, Reorganization, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 30 Years

CONTACT

26100 American Dr, Southfield, MI 48034

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

Hadi A. Harp

Employee Rights, Contract, Reorganization, Defamation & Slander

Status: In Good Standing Licensed: 12 Years

CONTACT

1001 Woodward Ave, Detroit, MI 48226

Helal A. Farhat

General Practice

Status: In Good Standing Licensed: 22 Years

CONTACT

2 Woodward Ave, Detroit, MI 48226

800-923-0641

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LEGAL TERMS

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

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.

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.

LIQUIDATING PARTNER

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

WINDING UP

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, a... (more...)

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, all with the ultimate goal of liquidating or closing down a corporation or partnership.

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.

GARNISHMENT

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if ... (more...)

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if she loses a lawsuit filed by the creditor. Up to 25% of a person's wages can be deducted.

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.

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.

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Dundee Reorganization Lawyer, Michigan

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Anthony Joseph Frasca

Anthony Joseph Frasca

Benjamin Howard Salvette

Charles D. Bullock

Edward J. Gudeman

Evangeline Nketia

Fionnuala M. Holowicki

Gail D. Pabarue

Hadi A. Harp

Helal A. Farhat

TIPS

LEGAL TERMS

REDEMPTION

CHAPTER 13 BANKRUPTCY

FRAUDULENT TRANSFER

LIQUIDATING PARTNER

WINDING UP

PRESUMED ABUSE

GARNISHMENT

PREFERENCE

SETOFF

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