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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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Shawn J. Coppins

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Divorce & Family Law, Criminal, Accident & Injury, Bankruptcy, Traffic

Mr. Coppins was born and raised in the Metro-Detroit area and is a Litigation Specialist

Shawn Coppins is an aggressive plaintiff's attorney and is one of the firm's founding partners.Mr. Coppins was born and raised in the Metro-Detroit ar... (more)

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800-928-4120

44 First Street, Mount Clemens, MI 48043

Jeffery D Maynard

Criminal, Divorce & Family Law, Bankruptcy & Debt, Estate, Lawsuit & Dispute

The attorneys of Maynard Law Associates, PLLC are skilled at walking our clients through each step of the complicated legal process. If you are co... (more)

FREE CONSULTATION

CONTACT

586-944-2656

22201 Harper Avenue, Saint Clair Shores, MI 48080

Paul S. Magy

Commercial Real Estate, Commercial Leasing, Corporate, Bankruptcy

Status: In Good Standing

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151 S. Old Woodward Avenue, Birmingham, MI 48009

Jill Mainster Menuck

Wills, Wills & Probate, Banking & Finance, Bankruptcy

Status: In Good Standing

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2051 Villa Road, Birmingham, MI 48009

Steven S Vernier

Wills & Probate, Estate Planning, Family Law, Criminal, Bankruptcy

Status: In Good Standing

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22815 Kelly Rd., Eastpointe, MI 48021

Lawrence Lucido

Real Estate, Estate, Bankruptcy & Debt

Status: In Good Standing

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Lucido Law Firm, Hazel Park, MI 48030

Thomas M. Hensel

Foreclosure, Workout, Consumer Bankruptcy, Bankruptcy

Status: In Good Standing

FREE CONSULTATION

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27301 Dequindre Road, Madison Heights, MI 48071

Jennifer S. Bidwell

Landlord-Tenant, Real Estate, Banking & Finance, Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

333 W. 7th Street, Royal Oak, MI 48067

David E. Tovarez

Real Estate, Dispute Resolution, Business Organization, Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

333 W. 7th Street, Royal Oak, MI 48067

Derek J. Brackon

Business Organization, Family Law, Collection, Wills & Probate

Status: In Good Standing

CONTACT

12900 Hall Road, Sterling Heights, MI 48313

800-923-0641

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LEGAL TERMS

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.

NONDISCHARGEABLE DEBTS

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chap... (more...)

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chapter 13 bankruptcy, the nondischargeable debts will have to be paid in full during your plan or you will have a balance at the end of your case. Examples of nondischargeable debts include alimony and child support, most income tax debts, many student loans and debts for personal injury or death caused by drunk driving. Compare dischargeable debts.

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.

LIMITED PARTNERSHIP

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner ... (more...)

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner or partners (called general partners) have unlimited personal liability. The key difference between a general and limited partner concerns management decision making--general partners run the business, and limited partners, who are usually passive investors, are not allowed to make day-to-day business decisions. If they do, they risk being treated as general partners with unlimited personal liability.

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.

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.

S CORPORATION

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status fro... (more...)

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status from the Internal Revenue Service. Electing to do business as an S corporation lets shareholders enjoy limited liability status, as would be true of any corporation, but be taxed like a partnership or sole proprietor. That is, instead of being taxed as a separate entity (as would be the case with a regular or C corporation) an S corporation is a pass-through tax entity: income taxes are reported and paid by the shareholders, not the S corporation. To qualify as an S corporation a number of IRS rules must be met, such as a limit of 75 shareholders and citizenship requirements.

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.

BANKRUPTCY TRUSTEE

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is t... (more...)

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, liquidate it and distribute it proportionally to her creditors. In a Chapter 13 case, the trustee's role is to receive the debtor's monthly payments and distribute them proportionally to her creditors.

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Sterling Heights Bankruptcy & Debt Lawyer, Michigan

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Shawn J. Coppins

Jeffery D Maynard

Paul S. Magy

Jill Mainster Menuck

Steven S Vernier

Lawrence Lucido

Thomas M. Hensel

Jennifer S. Bidwell

David E. Tovarez

Derek J. Brackon

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LEGAL TERMS

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

NONDISCHARGEABLE DEBTS

PREFERENCE

LIMITED PARTNERSHIP

FRATERNAL BENEFIT SOCIETY BENEFITS

SUBROGATION

S CORPORATION

LIABILITY

BANKRUPTCY TRUSTEE

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