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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

Brent M. Lamkin

Family Law, Divorce & Family Law, Consumer Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

CONTACT

22374 Garrison St, Dearborn, MI 48124

David S. Wilkinson

Commercial Real Estate, Foreclosure, Contract, Bankruptcy

Status: In Good Standing Licensed: 22 Years

CONTACT

23843 Joy Rd, Dearborn Heights, MI 48127

Abathar Nazar Alkudari

International, Administrative Law, Business, Consumer Bankruptcy

Status: In Good Standing Licensed: 9 Years

CONTACT

3 Parklane Blvd, Dearborn, MI 48126

Zakaria M. Mahdi

Bankruptcy & Debt, Bankruptcy, Consumer Bankruptcy, Consumer Bankruptcy

Status: In Good Standing Licensed: 17 Years

CONTACT

1 Parklane Blvd, Dearborn, MI 48126

Jane Frances Rusin

Estate Planning, Estate, Consumer Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

CONTACT

19306 Ecorse Rd, Allen Park, MI 48101

Robert P. Coutts

Family Law, Criminal, Credit & Debt, Bankruptcy

Status: In Good Standing Licensed: 35 Years

CONTACT

7445 Allen Rd, Allen Park, MI 48101

Kurt Thornbladh

Veterans' Affairs, Federal Appellate Practice, Consumer Bankruptcy, Car Accident

Status: In Good Standing Licensed: 49 Years

CONTACT

7301 Schaefer Rd, Dearborn, MI 48126

Matthew Leo Barrett

Biotechnology, Consumer Rights, Business, Consumer Bankruptcy

Status: In Good Standing Licensed: 14 Years

CONTACT

4 Parklane Blvd, Dearborn, MI 48126

Matthew Leo Barrett

Biotechnology, Consumer Rights, Business, Consumer Bankruptcy

Status: In Good Standing Licensed: 14 Years

CONTACT

4 Parklane Blvd, Dearborn, MI 48126

Rebekah Lee Chor

Consumer Bankruptcy, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 13 Years

CONTACT

3319 Greenfield Rd, Dearborn, MI 48120

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.

CREDIT INSURANCE

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay o... (more...)

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.

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).

HOUSEHOLDER

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a ho... (more...)

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a homestead exemption and possibly other exemptions relating to the maintenance of the household.

FORBEARANCE

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily ... (more...)

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily postponing or reducing the borrower's payments.

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.

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.

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.

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.

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Dearborn Heights Bankruptcy Lawyer, Michigan

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Brent M. Lamkin

David S. Wilkinson

Abathar Nazar Alkudari

Zakaria M. Mahdi

Jane Frances Rusin

Robert P. Coutts

Kurt Thornbladh

Matthew Leo Barrett

Matthew Leo Barrett

Rebekah Lee Chor

TIPS

LEGAL TERMS

SOLE PROPRIETORSHIP

CREDIT INSURANCE

LIEN

HOUSEHOLDER

FORBEARANCE

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

DOING BUSINESS AS (DBA)

BULK SALES LAW

CURRENT MONTHLY INCOME

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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