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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

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.

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

FAIR LABOR STANDARDS ACT (FLSA)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements ... (more...)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements for overtime and places restrictions on child labor.

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.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

UNDUE HARDSHIP

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in t... (more...)

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in the future to pay off the loan may be able to show that repayment would be an undue hardship.

C CORPORATION

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S c... (more...)

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.

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.

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).

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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

TIPS

LEGAL TERMS

PRESUMED ABUSE

REDEMPTION

FAIR LABOR STANDARDS ACT (FLSA)

FAIR CREDIT REPORTING ACT (FCRA)

WORKOUT

UNDUE HARDSHIP

C CORPORATION

WINDING UP

LIEN

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