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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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Jill L. Schmidt

Real Estate, Divorce & Family Law, Criminal, Bankruptcy & Debt

Status: Licensed: 30 Years

CONTACT

24 E Main St, Sebewaing, MI 48759

Andrew R. Lockard

Estate, Family Law, Criminal, Credit & Debt

Status: Licensed: 22 Years

CONTACT

225 E Woodworth St, Bad Axe, MI 48413

Pamela E. Stefan

Divorce, Elder Law, Contract, Collection

Status: Licensed: 35 Years

CONTACT

115 N Main St, Vassar, MI 48768

Karl Lewis Wenzloff

Criminal, Children's Rights, Lending, Credit & Debt

Status: Licensed: 17 Years

CONTACT

903 N Jackson St, Bay City, MI 48708

Kimberly A. Kramer

Foreclosure, Credit & Debt, Consumer Bankruptcy, Bankruptcy

Status: Licensed: 27 Years

CONTACT

916 Washington Ave, Bay City, MI 48708

James J. Hayes

Accident & Injury, Bankruptcy, Employment, Estate

Status: Licensed: 44 Years

CONTACT

916 Washington Ave, Bay City, MI 48707

Edmund J. Frost

Bankruptcy & Debt

Status: Licensed: 59 Years

CONTACT

319 Center Avenue, Bay City, MI 48708

Adam C. Reddick

Civil Rights, Administrative Law, Bankruptcy, Wrongful Death

Status: Licensed: 17 Years

CONTACT

3906 N Euclid Ave, Bay City, MI 48706

Randall L. Frank

Bankruptcy

Status: Licensed: 44 Years

CONTACT

916 Washington Ave, Bay City, MI 48707

Kenneth M. Malkin

Landlord-Tenant, Medical Products & Devices, Federal Appellate Practice, Collection

Status: Licensed: 41 Years

CONTACT

4718 Willow Dr, Bay City, MI 48706

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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.

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.

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.

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

CREDITOR

A person or entity (such as a bank) to whom a debt is owed.

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.

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.

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.

LIABILITY

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pi... (more...)

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pipe bursts the day after Paul installs it, ruining the bathroom floor. This raises the issue of liability: Who is responsible for the damage? Peri claims that Paul is responsible, and sues him for the cost of hiring another plumber to fix the pipe and replacing the floor. Paul, in turn, claims that the pipe manufacturer is responsible, because they supplied him with faulty materials. Both Peri and Paul must prove their claims in court; if Paul and/or the manufacturer is found liable, one or both will have to pay damages to Peri. (2) Something for which a person is liable. For example, a debt is often called a liability.

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Sebewaing Bankruptcy & Debt Lawyer, Michigan

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Jill L. Schmidt

Andrew R. Lockard

Pamela E. Stefan

Karl Lewis Wenzloff

Kimberly A. Kramer

James J. Hayes

Edmund J. Frost

Adam C. Reddick

Randall L. Frank

Kenneth M. Malkin

TIPS

LEGAL TERMS

REDEMPTION

DISPOSABLE INCOME

BANKRUPTCY TRUSTEE

TRADE NAME

CREDITOR

REAFFIRMATION

SECURED DEBT

PREFERENCE

LIABILITY

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