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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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James P. Cunningham

Family Law, Divorce, Securities Regulation, Collection

Status:

CONTACT

380 N Old Woodward Ave, Birmingham, MI 48009

Ryan Jacob Fishman

Divorce, Elder Law, Contract, Collection

Status: Licensed: 12 Years

CONTACT

800 W Long Lake Rd, Bloomfield Hills, MI 48302

Marc A. Fishman

Collection, Divorce, Mediation, Construction

Status: Licensed: 50 Years

CONTACT

800 W Long Lake Rd, Bloomfield Hills, MI 48302

Salam F. Elia

Land Use & Zoning, Trusts, Contract, Collection

Status: Licensed: 13 Years

CONTACT

550 W Merrill St, Birmingham, MI 48009

Jeffry L. Landis

Securities, Collection, Health Care Other, Landlord-Tenant

Status: Licensed: 44 Years

CONTACT

600 S Adams Rd, Birmingham, MI 48009

Dean Greenblatt

Collection

Status: Licensed: 26 Years

CONTACT

4190 Telegraph Rd, Bloomfield Hills, MI 48302

Sanford J. Melder

Adoption, Corporate, Collection, Bankruptcy, Litigation

Status: Licensed: 52 Years

CONTACT

2304 E 11 Mile Rd, Royal Oak, MI 48067

Aric K. Melder

Litigation, Adoption, Criminal, Collection, Bankruptcy

Status: Licensed: 29 Years

CONTACT

2304 E 11 Mile Rd, Royal Oak, MI 48067

Roger Richmond

Collection, Lending

Status:

CONTACT

33233 Woodward Avenue, Birmingham, MI 48009

David C. Myers

Collection

Status:

CONTACT

33233 Woodward Avenue, Birmingham, MI 48009

800-814-6700

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LEGAL TERMS

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.

FAIR CREDIT REPORTING ACT (FCRA)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to a... (more...)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information and bars credit bureaus from reporting negative information that is older than seven years, except a bankruptcy, which may be reported for ten. If you notify a credit bureau of an error in your credit report, the FCRA requires the bureau to investigate your allegations within 30 days, review all information you provide, remove inaccurate and unverified information and adopt procedures to keep the information from reappearing. In addition, the law requires that creditors refrain from reporting incorrect information to credit bureaus.

CHAPTER 7 BANKRUPTCY

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 b... (more...)

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.

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.

NONDISCHARGEABLE DEBTS

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chap... (more...)

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chapter 13 bankruptcy, the nondischargeable debts will have to be paid in full during your plan or you will have a balance at the end of your case. Examples of nondischargeable debts include alimony and child support, most income tax debts, many student loans and debts for personal injury or death caused by drunk driving. Compare dischargeable debts.

NO-FAULT INSURANCE

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain ... (more...)

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain amount, regardless of who was at fault. The effect of no-fault insurance laws is to eliminate lawsuits in small accidents. The advantage is the prompt payment of medical bills and expenses. The downsides are that the amounts paid by no-fault policies are often not enough to fully cover a person's losses and that no-fault does not compensate for pain and suffering.

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

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.

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.

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Emmett Collection Lawyer, Michigan, page 5

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

James P. Cunningham

Ryan Jacob Fishman

Marc A. Fishman

Salam F. Elia

Jeffry L. Landis

Dean Greenblatt

Sanford J. Melder

Aric K. Melder

Roger Richmond

David C. Myers

TIPS

LEGAL TERMS

PREFERENCE

FAIR CREDIT REPORTING ACT (FCRA)

CHAPTER 7 BANKRUPTCY

DISPOSABLE INCOME

NONDISCHARGEABLE DEBTS

NO-FAULT INSURANCE

SECURED DEBT

REAFFIRMATION

NONEXEMPT PROPERTY

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