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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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Kevin W. Cobb

Employee Rights, Reorganization

Status: Licensed: 47 Years

CONTACT

22011 Village Pines Dr, Franklin, MI 48025

Mark A. Bank

Family Law, Child Custody, Corporate, Reorganization

Status:

CONTACT

401 South Old Woodward Avenue, Birmingham, MI 48009

Patrick K. Rode

Employee Rights, Contract, Reorganization, Products Liability

Status:

CONTACT

2250 Butterfield Dr, Troy, MI 48084

Terry O. Lang

International Tax, Gift Taxation, Estate Planning, Reorganization

Status: Licensed: 51 Years

CONTACT

26901 Beaumont Blvd, Southfield, MI 48033

Mohammed M. Alomari

Employee Rights, Civil Rights, Administrative Law, Reorganization

Status:

CONTACT

24901 Northwestern Hwy, Southfield, MI 48075

Edward J. Gudeman

Bankruptcy & Debt, Business & Trade, Reorganization, Credit & Debt, Consumer Bankruptcy

Status: Licensed: 52 Years

CONTACT

1026 West Eleven Mile Road, Royal Oak, MI 48067

Mark D. Lichterman

Pharmaceutical Product, Government, Reorganization, Estate Planning

Status: Licensed: 32 Years

CONTACT

26080 York Rd, Huntington Woods, MI 48070

Shirley L. Horn

Workout, Reorganization, Bankruptcy, Bankruptcy & Debt, Bankruptcy

Status: Licensed: 30 Years

CONTACT

25600 Woodward Ave, Royal Oak, MI 48067

Miriam S. Imerman

Estate Planning, Estate, Non-profit, Reorganization

Status: Licensed: 40 Years

CONTACT

7800 W Outer Dr, Detroit, MI 48235

Gail D. Pabarue

Health Care Other, Non-profit, Business, Reorganization

Status: Licensed: 39 Years

CONTACT

2730 Winter Garden Ct, Ann Arbor, MI 48105

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.

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.

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.

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.

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.

UNSECURED DEBT

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only reme... (more...)

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only remedy is to sue you and get a judgment. Compare secured debt.

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.

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.

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.

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Holly Reorganization Lawyer, Michigan, page 2

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Kevin W. Cobb

Mark A. Bank

Patrick K. Rode

Terry O. Lang

Mohammed M. Alomari

Edward J. Gudeman

Mark D. Lichterman

Shirley L. Horn

Miriam S. Imerman

Gail D. Pabarue

TIPS

LEGAL TERMS

REDEMPTION

IRS EXPENSES

BANKRUPTCY TRUSTEE

DISCHARGEABLE DEBTS

S CORPORATION

UNSECURED DEBT

SETOFF

SECURED DEBT

DISPOSABLE INCOME

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