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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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Michael D. Almassian

Insurance, Corporate, Credit & Debt, Bankruptcy

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FREE CONSULTATION

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230 East Fulton Street, Grand Rapids, MI 49503

Victoria Lynn Smalley

Dispute Resolution, Social Security, Family Law, Credit & Debt

Status: Licensed: 10 Years

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3996 Chicago Dr Sw, Grandville, MI 49418

David Edward Szostek

Litigation, Intellectual Property, Business, Credit & Debt

Status: Licensed: 11 Years

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2010 44th St SE, Grand Rapids, MI 49508

Harold E. Nelson

Real Estate, Banking & Finance, Credit & Debt, Bankruptcy

Status: Licensed: 48 Years

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55 Campau Ave Nw, Grand Rapids, MI 49503

Denise D. Twinney

Business, Credit & Debt, Bankruptcy, Bankruptcy & Debt

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300 Ottawa Ave Nw, Grand Rapids, MI 49503

Brian E. Kersey

Electronic Commerce, Aviation, Business, Credit & Debt

Status: Licensed: 25 Years

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99 Monroe Ave Nw, Grand Rapids, MI 49503

Michael David Almassian

Litigation, Corporate, Credit & Debt, Bankruptcy

Status: Licensed: 24 Years

CONTACT

230 E Fulton Street, Grand Rapids, MI 49503

Beth A. Striegle

Land Use & Zoning, Family Law, Contract, Credit & Debt

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400 Ann St Nw, Grand Rapids, MI 49504

Michelle R. Born-Fischer

Landlord-Tenant, Litigation, Contract, Credit & Debt, Slip & Fall Accident

Status: Licensed: 21 Years

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2180 44Th St Se, Grand Rapids, MI 49508

Michael Anthony Spencer

Contract, Landlord-Tenant, Credit & Debt, Trusts

Status: Licensed: 12 Years

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-, Grand Rapids, MI 49503

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LEGAL TERMS

NONPROFIT CORPORATION

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or f... (more...)

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or for some public purpose (such as a hospital, environmental organization or literary society). Nonprofit corporations, despite the name, can make a profit, but the business cannot be designed primarily for profit-making purposes, and the profits must be used for the benefit of the organization or purpose the corporation was created to help. When a nonprofit corporation dissolves, any remaining assets must be distributed to another nonprofit, not to board members. As with for-profit corporations, directors of nonprofit corporations are normally shielded from personal liability for the organization's debts. Some nonprofit corporations qualify for a federal tax exemption under _ 501(c)(3) of the Internal Revenue Code, with the result that contributions to the nonprofit are tax deductible by their donors.

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.

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.

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.

UNSECURED DEBT

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only reme... (more...)

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only remedy is to sue you and get a judgment. Compare secured debt.

TRADE DRESS

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape... (more...)

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape of Frangelico liqueur bottles. Trade dress can be protected under trademark law if a showing can be made that the average consumer would likely be confused as to product origin if another product were allowed to appear in similar dress.

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.

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.

REAFFIRMATION

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing deb... (more...)

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy case is over. For instance, a debtor might make a reaffirmation agreement with the holder of a car note that the debtor can keep the car and must continue to pay the debt after bankruptcy.

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Grandville Credit & Debt Lawyer, Michigan

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Michael D. Almassian

Victoria Lynn Smalley

David Edward Szostek

Harold E. Nelson

Denise D. Twinney

Brian E. Kersey

Michael David Almassian

Beth A. Striegle

Michelle R. Born-Fischer

Michael Anthony Spencer

TIPS

LEGAL TERMS

NONPROFIT CORPORATION

C CORPORATION

WORKOUT

CURRENT MONTHLY INCOME

UNSECURED DEBT

TRADE DRESS

FORBEARANCE

S CORPORATION

REAFFIRMATION

SAMPLE LEGAL CASES

New Freedom Mtg. Corp. v. Globe Mtg. Corp.

Barth v. FIRST CONSUMER CREDIT, INC.

CHARTER ONE BANK NA v. JP Morgan Chase Bank, NA

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