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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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Stephen Terrance Priestap

Estate Planning, Employee Rights, Elder Law, Consumer Bankruptcy

Status: Licensed: 18 Years

CONTACT

703 N. Morenci Avenue, Mio, MI 48647

Cristie A. Vanmassenhove

Estate, Divorce & Family Law, Business, Consumer Bankruptcy

Status: Licensed: 16 Years

CONTACT

421 S Ripley Blvd, Alpena, MI 49707

Nancy A. Ward

Family Law, Elder Law, Consumer Bankruptcy

Status: Licensed: 20 Years

CONTACT

114 S Second Ave, Alpena, MI 49707

Bernard J. Caspar

Criminal, Bankruptcy, Divorce, Social Security -- Disability

Status: Licensed: 48 Years

CONTACT

1852 S Otsego Ave, Gaylord, MI 49734

Troy B. Daniel

Trusts, Divorce, Contract, Credit & Debt

Status: Licensed: 29 Years

CONTACT

319 Lake St, Roscommon, MI 48653

George J. Mertz

Criminal, Collection, Litigation

Status: Licensed: 23 Years

CONTACT

225 W Main St, Gaylord, MI 49735

Adam Troy Vernon

Landlord-Tenant, Trusts, Credit & Debt, Juvenile Law

Status:

CONTACT

2373 S I 75 Business Loop, Grayling, MI 49738

Stephen H. Naegele

Bankruptcy, Criminal

Status: Licensed: 54 Years

CONTACT

314 Newman St, East Tawas, MI 48730

800-814-6700

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LEGAL TERMS

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.

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.

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.

COLLATERAL

Property that guarantees payment of a secured debt.

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.

COLLECTION AGENCY

A company hired by a creditor to collect a debt that it is owed. Creditors typically hire a collection agency only after they have made efforts to collect the d... (more...)

A company hired by a creditor to collect a debt that it is owed. Creditors typically hire a collection agency only after they have made efforts to collect the debt themselves, typically through letters (called 'dunning' letters) and telephone calls. Collection agencies are regulated by the federal Fair Debt Collection Practices Act. Unfortunately, too many collectors ignore this law.

BANKRUPTCY

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are ... (more...)

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies -- liquidation, in which your debts are wiped out (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts. For both consumers and business, liquidation bankruptcy is called Chapter 7. For consumers, reorganization bankruptcy is called Chapter 13. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11. Reorganization bankruptcy for family farmers is called Chapter 12.

DISCHARGE (OF DEBTS)

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

REPOSSESSION

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and ... (more...)

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and has not attempted to work with the lender to resolve the problem. A repossessor can't use force to get at your car, but he can legally hot-wire it and even drive it out of your unlocked garage.

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Comins Bankruptcy & Debt Lawyer, Michigan

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Stephen Terrance Priestap

Cristie A. Vanmassenhove

Nancy A. Ward

Bernard J. Caspar

Troy B. Daniel

George J. Mertz

Adam Troy Vernon

Stephen H. Naegele

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LEGAL TERMS

WINDING UP

PREFERENCE

SETOFF

COLLATERAL

CHAPTER 7 BANKRUPTCY

COLLECTION AGENCY

BANKRUPTCY

DISCHARGE (OF DEBTS)

REPOSSESSION

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