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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.
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Christopher W. Jones

Real Estate, Litigation, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

CONTACT

8900 E 13 Mile Rd, Warren, MI 48093

Kevin F. Carr

Dispute Resolution, Bankruptcy, Bankruptcy & Debt, Property Damage

Status: In Good Standing Licensed: 44 Years

CONTACT

8900 E 13 Mile Rd, Warren, MI 48093

William D. Johnson

Real Estate, Litigation, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

CONTACT

8900 E 13 Mile Rd, Warren, MI 48093

Stacy M. Davis

Bankruptcy

Status: In Good Standing Licensed: 21 Years

CONTACT

8900 E 13 Mile Rd, Warren, MI 48093

Brett James Mangon

General Practice

Status: In Good Standing Licensed: 23 Years

CONTACT

28755 Schoenherr Rd, Warren, MI 48088

Patrick Edward Cahill

Traffic, Trusts, Adoption, Collection

Status: In Good Standing Licensed: 15 Years

CONTACT

28755 Schoenherr Rd, Warren, MI 48088

Terrance A. Hiller

Landlord-Tenant, Family Medical Leave Act (FMLA), Contract, Credit & Debt

Status: In Good Standing Licensed: 28 Years

CONTACT

31201 Chicago Rd South, Warren, MI 48093

Xinchen Yu

Bankruptcy

Status: In Good Standing

CONTACT

31201 Chicago Road South, Warren, MI 48093

Lillia Thair Tika

Workers' Compensation, Contract, Collection, Personal Injury, Trusts

Status: In Good Standing

CONTACT

4066 Sudbury Dr, Warren, MI 48092

Sophie Modelski

Bankruptcy & Debt

Status: In Good Standing Licensed: 42 Years

CONTACT

11843 E 13 Mile Rd, Warren, MI 48093

800-923-0641

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LEGAL TERMS

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.

GUARANTOR

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. T... (more...)

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a 'guaranty,' which is an assurance that the debt or other obligation will be fulfilled.

LIMITED PARTNERSHIP

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner ... (more...)

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner or partners (called general partners) have unlimited personal liability. The key difference between a general and limited partner concerns management decision making--general partners run the business, and limited partners, who are usually passive investors, are not allowed to make day-to-day business decisions. If they do, they risk being treated as general partners with unlimited personal liability.

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.

PRIORITY DEBT

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13... (more...)

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13 bankruptcy. Priority debts include alimony and child support, fees owed to the trustee and the attorney in the bankruptcy case, and wages owed to employees.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

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.

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

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.

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Warren Bankruptcy & Debt Lawyer, Michigan, page 4

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Christopher W. Jones

Kevin F. Carr

William D. Johnson

Stacy M. Davis

Brett James Mangon

Patrick Edward Cahill

Terrance A. Hiller

Xinchen Yu

Lillia Thair Tika

Sophie Modelski

TIPS

LEGAL TERMS

UNSECURED DEBT

GUARANTOR

LIMITED PARTNERSHIP

NONDISCHARGEABLE DEBTS

PRIORITY DEBT

SOLE PROPRIETORSHIP

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

PRESUMED ABUSE

DISCHARGEABLE DEBTS

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