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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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Timothy B. Myers

Litigation, Federal Appellate Practice, Consumer Bankruptcy, Real Estate

Status: In Good Standing Licensed: 26 Years

CONTACT

5799 S Main St, Clarkston, MI 48347

Timothy R. Kalbfleisch

Reorganization

Status: In Good Standing Licensed: 21 Years

CONTACT

5095 Hilltop Estates Dr, Clarkston, MI 48348

Kyla K. Stepp

Real Estate, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 20 Years

CONTACT

9489 Sashabaw Rd, Clarkston, MI 48348

James A. O'Toole

Immigration, Contract, Oil & Gas, Credit & Debt

Status: In Good Standing Licensed: 50 Years

CONTACT

6625 Pond View Rd, Clarkston, MI 48346

Joseph G. Fabrizio

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

Status: In Good Standing Licensed: 25 Years

CONTACT

5850 Lorac Dr, Clarkston, MI 48346

Michael C. Packard

Real Estate, Lawsuit & Dispute, Bankruptcy & Debt

Status: In Good Standing Licensed: 35 Years

CONTACT

Clarkston, MI 48347

Larry D. Barnett

Civil Rights, Collection

Status: In Good Standing Licensed: 51 Years

CONTACT

5840 Lorac Dr, Clarkston, MI 48346

Kyle J. Vonallmen

Real Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 30 Years

CONTACT

Clarkston, MI 48347

David R. Shook

Contract, Business, Credit & Debt, Collection

Status: In Good Standing Licensed: 31 Years

CONTACT

6480 Citation Dr, Clarkston, MI 48346

Laura L. Simons

Administrative Law, Limited Liability Companies, Business Organization, Credit & Debt

Status: In Good Standing Licensed: 39 Years

CONTACT

6696 Dixie Highway, Clarkston, MI 48346

800-923-0641

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LEGAL TERMS

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.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

WINDING UP

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, a... (more...)

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, all with the ultimate goal of liquidating or closing down a corporation or partnership.

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.

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.

C CORPORATION

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S c... (more...)

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.

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.

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.

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Clarkston Bankruptcy & Debt Lawyer, Michigan

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Timothy B. Myers

Timothy R. Kalbfleisch

Kyla K. Stepp

James A. O'Toole

Joseph G. Fabrizio

Michael C. Packard

Larry D. Barnett

Kyle J. Vonallmen

David R. Shook

Laura L. Simons

TIPS

LEGAL TERMS

SOLE PROPRIETORSHIP

CHAPTER 13 PLAN

BULK SALES LAW

WINDING UP

PRIORITY DEBT

CREDIT COUNSELING

C CORPORATION

SUBROGATION

ACCORD AND SATISFACTION

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