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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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Christopher G. Bovid

Corporate, Banking & Finance, Bankruptcy Litigation, Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

915 North Michigan Avenue, Howell, MI 48843

Stacey L. Dinser-Hohl

Employee Rights, Family Law, Contract, Credit & Debt

Status: In Good Standing Licensed: 24 Years

CONTACT

Hamburg, MI 48139

John R. Ceci

Wills & Probate, Estate Planning, Divorce, Bankruptcy

Status: In Good Standing Licensed: 22 Years

FREE CONSULTATION

CONTACT

726 W Grand River Ave, Brighton, MI 48116

Charles G. Hodgson

Bankruptcy, Real Estate, Trusts, Corporate

Status: In Good Standing Licensed: 22 Years

CONTACT

8163 Grand River Rd, Brighton, MI 48114

Nancy C Nawrocki

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

Status: In Good Standing Licensed: 38 Years

CONTACT

10299 Grand River Rd, Brighton, MI 48114

Jon Thomas Emaus

Trusts, Contract, Credit & Debt, Wrongful Death

Status: In Good Standing

CONTACT

8163 Grand River Road, Brighton, MI 48114

Alvin H. Rightler

Federal Appellate Practice, Estate Planning, Elder Law, Bankruptcy

Status: In Good Standing Licensed: 26 Years

CONTACT

8163 Grand River Rd, Brighton, MI 48114

Joseph D. Obrien

Bankruptcy, Elder Law, Family Law, Estate Planning

Status: In Good Standing

CONTACT

8163 Grand River, Brighton, MI 48114

Steven M. Dodge

Litigation, Deportation, Criminal, Collection

Status: In Good Standing Licensed: 37 Years

CONTACT

7960 Grand River Rd, Brighton, MI 48114

Raynor D. Zillgitt

Real Estate, Consumer Rights, Business, Consumer Bankruptcy

Status: In Good Standing Licensed: 38 Years

CONTACT

4605 S Old Us Highway 23, Brighton, MI 48114

800-923-0641

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LEGAL TERMS

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

DISCHARGE (OF DEBTS)

A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.

DISPOSABLE INCOME

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Ch... (more...)

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.

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.

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.

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

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.

CREDIT REPORT

An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you m... (more...)

An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you make the payments on time, as well as personal history, such as your former addresses, employment record and lawsuits in which you have been involved. An estimated 50% of all credit reports contain errors, such as accounts that don't belong to you, an incorrect account status or information reported that is older than seven years (ten years in the case of a 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.

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Hamburg Bankruptcy & Debt Lawyer, Michigan

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Christopher G. Bovid

Stacey L. Dinser-Hohl

John R. Ceci

Charles G. Hodgson

Nancy C Nawrocki

Jon Thomas Emaus

Alvin H. Rightler

Joseph D. Obrien

Steven M. Dodge

Raynor D. Zillgitt

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LEGAL TERMS

PREFERENCE

DISCHARGE (OF DEBTS)

DISPOSABLE INCOME

CHAPTER 13 BANKRUPTCY

SETOFF

PRESUMED ABUSE

FAIR CREDIT REPORTING ACT (FCRA)

CREDIT REPORT

SUBROGATION

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