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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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Daniel Cline

Cogeneration, Corporate, Reorganization, Bankruptcy

Status: In Good Standing

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1885 W. Tranquil Trail, Midland, MI 48640

Denise M. Cole

Divorce, Family Law, Collection, Adoption, Guardianships & Conservatorships

Status: In Good Standing Licensed: 21 Years

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Lansing, MI 48908

Kevin V. B Schumacher

Bankruptcy & Debt, Business, Commercial Insurance, Estate

Status: In Good Standing Licensed: 38 Years

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533 S Grand Ave, Lansing, MI 48933

John Thomas Macdonald

Landlord-Tenant, Wills & Probate, DUI-DWI, Bankruptcy

Status: In Good Standing

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Lansing, MI 48901

Carolyn N. Koenig

Landlord-Tenant, Criminal, Discrimination, Administrative Law, Collection

Status: In Good Standing Licensed: 29 Years

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313 W Kalamazoo St, Lansing, MI 48933

Robert W. Dietrich

Bankruptcy, Divorce & Family Law

Status: In Good Standing Licensed: 30 Years

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3815 W Saint Joseph St, Lansing, MI 48917

Kenneth W. Beall

Tax, Real Estate, Litigation, Business, Bankruptcy

Status: In Good Standing

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124 W Allegan St, Lansing, MI 48933

James B. Croom

Real Estate, Banking & Finance, Business, Bankruptcy

Status: In Good Standing Licensed: 44 Years

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615 Southlawn Ave, East Lansing, MI 48823

Tracy A. Sonneborn

Non-profit, Administrative Law, Consumer Bankruptcy, Animal Bite

Status: In Good Standing Licensed: 36 Years

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East Lansing, MI 48826

Jennifer D. Martin

Divorce, Elder Law, Insurance, Collection

Status: In Good Standing Licensed: 26 Years

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Lansing, MI 48909

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LEGAL TERMS

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.

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

CREDIT FILE

See credit report.

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.

UNDUE HARDSHIP

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in t... (more...)

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in the future to pay off the loan may be able to show that repayment would be an undue hardship.

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.

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 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.

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.

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Pompeii Bankruptcy & Debt Lawyer, Michigan, page 5

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Daniel Cline

Denise M. Cole

Kevin V. B Schumacher

John Thomas Macdonald

Carolyn N. Koenig

Robert W. Dietrich

Kenneth W. Beall

James B. Croom

Tracy A. Sonneborn

Jennifer D. Martin

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LEGAL TERMS

FRAUDULENT TRANSFER

BULK SALES LAW

CREDIT FILE

REAFFIRMATION

UNDUE HARDSHIP

FRATERNAL BENEFIT SOCIETY BENEFITS

NONEXEMPT PROPERTY

BANKRUPTCY TRUSTEE

INTEREST

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