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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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Steven R. Nicholas

Social Security, Estate, Elder Law, Bankruptcy

Status: In Good Standing Licensed: 38 Years

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1315 Lansing Rd, Charlotte, MI 48813

William C. Bower

Intellectual Property, Social Security, Business, Bankruptcy

Status: In Good Standing Licensed: 18 Years

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Dimondale, MI 48821

Shantell L. Rene

Contract, Agriculture, Landlord-Tenant, Credit & Debt

Status: In Good Standing Licensed: 13 Years

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6172 Brooks Landing, Dimondale, MI 48821

Jaye M. Bergamini

Real Estate, Lawsuit & Dispute, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 45 Years

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2305 Scout Rd, Eaton Rapids, MI 48827

James F. Lentz

Juvenile Law, Estate, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 16 Years

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3829 Willoughby Road, Holt, MI 48842

Michael C. Van Huysse

Litigation, Divorce, Bankruptcy & Debt, Children's Rights

Status: In Good Standing

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Holt, MI 48842

Darryl R. Mazur

Consumer Bankruptcy, Criminal

Status: In Good Standing Licensed: 51 Years

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4203 Aspen Way, Jackson, MI 49201

Jaelle Mackenzie Richardson

Family Law, Collection, Gay & Lesbian Rights, Criminal

Status: In Good Standing

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4386 Scott Carpenter Dr, Jackson, MI 49201

Larry William Schlusler

Administrative Law, Bankruptcy, Workers' Compensation, Social Security

Status: In Good Standing

CONTACT

3625 Whispering Woods Dr, Jackson, MI 49201

Thomas Patrick Riley

Other, Industry Specialties, Consumer Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

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500 W Michigan Ave, Jackson, MI 49201

800-923-0641

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LEGAL TERMS

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.

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.

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.

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.

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.

LIEN

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortg... (more...)

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortgages, home equity loans, car loans and personal loans for which you pledge property to guarantee repayment. Liens created without your consent are called nonconsensual liens, and include judgment liens (liens filed by a creditor who has sued you and obtained a judgment), tax liens and mechanics liens (liens filed by a contractor who worked on your house but wasn't paid).

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.

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.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 bankruptcy.

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Rives Junction Bankruptcy & Debt Lawyer, Michigan

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Steven R. Nicholas

William C. Bower

Shantell L. Rene

Jaye M. Bergamini

James F. Lentz

Michael C. Van Huysse

Darryl R. Mazur

Jaelle Mackenzie Richardson

Larry William Schlusler

Thomas Patrick Riley

TIPS

LEGAL TERMS

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

UNDUE HARDSHIP

INTEREST

ACCORD AND SATISFACTION

FRATERNAL BENEFIT SOCIETY BENEFITS

LIEN

NONEXEMPT PROPERTY

S CORPORATION

MEANS TEST

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