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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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Melissa D. Francis

Bankruptcy & Debt, Condominiums, Residential Real Estate, Real Estate

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FREE CONSULTATION

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6553 Jackson Road, Ann Arbor, MI 48103

Stacey L. Dinser-Hohl

Employee Rights, Family Law, Contract, Credit & Debt

Status: Licensed: 24 Years

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Hamburg, MI 48139

John R. Ceci

Wills & Probate, Estate Planning, Divorce, Bankruptcy

Status: Licensed: 22 Years

FREE CONSULTATION

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726 W Grand River Ave, Brighton, MI 48116

David J. Hutchinson

Litigation, Employee Rights, Divorce, Contract, Collection

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3068 Bluett Rd, Ann Arbor, MI 48105

Nancy C Nawrocki

Real Estate, Family Law, Civil Rights, Credit & Debt

Status: Licensed: 38 Years

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10299 Grand River Rd, Brighton, MI 48114

Jacalen J. Garris

Divorce & Family Law, Consumer Bankruptcy, Bankruptcy, Wrongful Death, Car Accident

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300 E Washington St, Ann Arbor, MI 48104

Michael Robert Wolin

Employment, Felony, Bankruptcy, Defamation & Slander

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407 North Main Street, Ann Arbor, MI 48104

William G. Tishkoff

Lawsuit & Dispute, Employment, Bankruptcy, Accident & Injury

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407 North Main Street, Ann Arbor, MI 48104

Daniel R. Shemke

Labor Law, Family Law, Business, Credit & Debt

Status: Licensed: 35 Years

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301 N Main St, Ann Arbor, MI 48104

Wilson P. Tanner

Family Law, Child Custody, Criminal, Civil Rights, Collection

Status: Licensed: 25 Years

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117 N 1St St, Ann Arbor, MI 48104

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LEGAL TERMS

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.

CREDIT COUNSELING

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Unde... (more...)

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Under the new bankruptcy law, a debtor must undergo credit counseling with an approved provider before filing for bankruptcy.

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

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.

GUARANTEED RESERVATION

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehic... (more...)

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehicle for you no matter when you show up. If you have a guaranteed reservation with a hotel, it must provide you with a room, either at that hotel or at another comparable establishment. If you have a guaranteed reservation with a car agency, it must provide you with a vehicle. The downside of a guaranteed reservation is that if you don't show up and haven't cancelled your reservation, you will be billed for one night in the room or one day's use of the vehicle.

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.

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

CCCS

See Consumer Credit Counseling Service.

FAIR CREDIT REPORTING ACT (FCRA)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to a... (more...)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information and bars credit bureaus from reporting negative information that is older than seven years, except a bankruptcy, which may be reported for ten. If you notify a credit bureau of an error in your credit report, the FCRA requires the bureau to investigate your allegations within 30 days, review all information you provide, remove inaccurate and unverified information and adopt procedures to keep the information from reappearing. In addition, the law requires that creditors refrain from reporting incorrect information to credit bureaus.

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Whitmore Lake Bankruptcy & Debt Lawyer, Michigan

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Melissa D. Francis

Stacey L. Dinser-Hohl

John R. Ceci

David J. Hutchinson

Nancy C Nawrocki

Jacalen J. Garris

Michael Robert Wolin

William G. Tishkoff

Daniel R. Shemke

Wilson P. Tanner

TIPS

LEGAL TERMS

S CORPORATION

CREDIT COUNSELING

SUBROGATION

LIMITED PARTNERSHIP

GUARANTEED RESERVATION

BANKRUPTCY TRUSTEE

CHAPTER 13 BANKRUPTCY

CCCS

FAIR CREDIT REPORTING ACT (FCRA)

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