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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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Includes: Bankruptcy Litigation, Commercial Bankruptcy, Consumer Bankruptcy, Dissolution

Barbara K. Tronstein

Consumer Rights, Consumer Bankruptcy, Labor Law, Real Estate

Status: In Good Standing Licensed: 45 Years

CONTACT

4445 N Atlantic Blvd, Auburn Hills, MI 48326

John Joseph Stockdale

Banking & Finance, Business, Credit & Debt, Bankruptcy

Status: In Good Standing

CONTACT

40950 Woodward Ave, Bloomfield Hills, MI 48304

Kim K. Hillary

Consumer Rights, Consumer Bankruptcy

Status: In Good Standing

CONTACT

40950 Woodward Ave, Bloomfield Hills, MI 48304

Nathan Resnick

Municipal, Wills & Probate, Business, Bankruptcy

Status: In Good Standing

CONTACT

40900 Woodward Ave, Bloomfield Hills, MI 48304

Eric Richard Bowden

Labor Law, Consumer Rights, Consumer Bankruptcy, Business

Status: In Good Standing

CONTACT

40701 Woodward Ave, Bloomfield Hills, MI 48304

H. Nathan Resnick

Construction, Litigation, Corporate, Bankruptcy

Status: In Good Standing

CONTACT

40900 Woodward Ave, Bloomfield Hills, MI 48304

Laura C. Baucus

Real Estate, Litigation, Lawsuit & Dispute, Consumer Bankruptcy

Status: In Good Standing Licensed: 24 Years

CONTACT

39577 Woodward Ave, Bloomfield Hills, MI 48304

Pamela S. Ritter

Real Estate, Consumer Rights, Business, Consumer Bankruptcy

Status: In Good Standing Licensed: 32 Years

CONTACT

300 E Long Lake Rd, Bloomfield Hills, MI 48304

Gary D. Siegel

Bankruptcy

Status: In Good Standing Licensed: 47 Years

CONTACT

2893 Dixie Hwy, Waterford, MI 48328

Stanton L. Walker

Litigation, Estate Planning, Business, Consumer Bankruptcy

Status: In Good Standing Licensed: 58 Years

CONTACT

2850 Dixie Hwy, Waterford, MI 48328

800-923-0641

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LEGAL TERMS

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.

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).

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.

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.

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.

TRADE NAME

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

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

DOING BUSINESS AS (DBA)

A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or ... (more...)

A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or similar document with the appropriate agency -- for example, the county clerk. This enables consumers to discover the names of the business owners, which is important if a consumer needs to sue the business.

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.

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Auburn Hills Bankruptcy Lawyer, Michigan

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Barbara K. Tronstein

John Joseph Stockdale

Kim K. Hillary

Nathan Resnick

Eric Richard Bowden

H. Nathan Resnick

Laura C. Baucus

Pamela S. Ritter

Gary D. Siegel

Stanton L. Walker

TIPS

LEGAL TERMS

LIABILITY

LIEN

MEANS TEST

SECURED DEBT

REAFFIRMATION

TRADE NAME

LIMITED LIABILITY

DOING BUSINESS AS (DBA)

CHAPTER 13 BANKRUPTCY

SAMPLE LEGAL CASES

RDM Holdings, Ltd. v. Continental Plastics Co.

Gulf Underwriters Ins. Co. v. McCLAIN INDUSTRIES, INC.

MICHIGAN COMMERCE BANK v. PALMS INVESTMENTS, LLC

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