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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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Bryan Reeder

Trusts, Family Law, Administrative Law, Bankruptcy

Status: In Good Standing

CONTACT

124 Fulton St E, Grand Rapids, MI 49503

Wade Mcconnell

Collection, Civil Rights, Child Custody, Landlord-Tenant

Status: In Good Standing

CONTACT

44 Grandville Avenue Sw, Grand Rapids, MI 49503

Karen M. Tjapkes

Other, Federal Appellate Practice, Consumer Rights, Consumer Bankruptcy

Status: In Good Standing Licensed: 24 Years

CONTACT

25 Division Ave South, Grand Rapids, MI 49503

Jason Thomas O'Brien

Landlord-Tenant, Medicare & Medicaid, Social Security, Collection

Status: In Good Standing Licensed: 18 Years

CONTACT

25 Division Ave South, Grand Rapids, MI 49503

Jeffrey K. Vanhattum

Litigation, Estate, Divorce & Family Law, Consumer Bankruptcy, Property Damage

Status: In Good Standing Licensed: 39 Years

CONTACT

1750 Leonard St Ne, Grand Rapids, MI 49505

Randall J. Groendyk

Real Estate, Litigation, Business, Consumer Bankruptcy

Status: In Good Standing Licensed: 40 Years

CONTACT

Grand Rapids, MI 49501

Charles H. Worsfold

Construction, Employee Rights, Credit & Debt, Defamation & Slander

Status: In Good Standing Licensed: 48 Years

CONTACT

230 Fulton St E, Grand Rapids, MI 49503

Todd Almassian

Foreclosure, International Tax, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

CONTACT

230 East Fulton Street, Grand Rapids, MI 49503

John Patrick Smith

Consumer Rights, Consumer Bankruptcy

Status: In Good Standing Licensed: 17 Years

CONTACT

25 Division Ave South, Grand Rapids, MI 49503

Thomas H. Toft

Tax, Consumer Bankruptcy

Status: In Good Standing Licensed: 17 Years

CONTACT

25 Division Ave South, Grand Rapids, MI 49503

800-923-0641

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LEGAL TERMS

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).

FRATERNAL BENEFIT SOCIETY BENEFITS

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal socie... (more...)

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal societies that provide benefits. Also called benefit society, benevolent society or mutual aid association benefits. Under bankruptcy laws, these benefits are virtually always considered exempt property.

CHAPTER 7 BANKRUPTCY

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 b... (more...)

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.

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.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

CURRENT MONTHLY INCOME

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding... (more...)

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtor's current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

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.

GRACE PERIOD

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you h... (more...)

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time. Also, some student loans give you a grace period after graduating or dropping out of school. During this time, you are not required to make payments on your loan.

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Casnovia Bankruptcy & Debt Lawyer, Michigan, page 5

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Bryan Reeder

Wade Mcconnell

Karen M. Tjapkes

Jason Thomas O'Brien

Jeffrey K. Vanhattum

Randall J. Groendyk

Charles H. Worsfold

Todd Almassian

John Patrick Smith

Thomas H. Toft

TIPS

LEGAL TERMS

LIEN

FRATERNAL BENEFIT SOCIETY BENEFITS

CHAPTER 7 BANKRUPTCY

FAIR CREDIT REPORTING ACT (FCRA)

SETOFF

CURRENT MONTHLY INCOME

IRS EXPENSES

BULK SALES LAW

GRACE PERIOD

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