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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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John F. Betz

Reinsurance, Business, Collection, Personal Injury

Status: Licensed: 51 Years

CONTACT

175 2Nd St, Belleville, MI 48111

Matthew Ryan Sieffert

Collection, Federal Appellate Practice

Status: Licensed: 3 Years

CONTACT

2082 Maple Creek Cir, Ann Arbor, MI 48108

Rihan Issa

Collection, Federal Appellate Practice, Criminal

Status: Licensed: 2 Years

CONTACT

196 Fairhills Dr, Ypsilanti, MI 48197

Kerry Martin

Collection, Immigration, Criminal

Status:

CONTACT

15 S Washington St, Ypsilanti, MI 48197

Lynn M. Bredell

Landlord-Tenant, Workers' Compensation, Collection, Personal Injury

Status: Licensed: 41 Years

CONTACT

119 N Huron St, Ypsilanti, MI 48197

Volha Yermalenka

Traffic, Juvenile Law, Criminal, Collection

Status: Licensed: 12 Years

CONTACT

302 N Huron St, Ypsilanti, MI 48197

Gregory L. Dodd

Divorce & Family Law, White Collar Crime, Collection, Bankruptcy

Status: Licensed: 35 Years

CONTACT

300 N Huron St, Ypsilanti, MI 48197

Stuart M. Collis

Family Law, Divorce, Criminal, Business, Collection

Status: Licensed: 29 Years

CONTACT

1851 Washtenaw, Ypsilanti, MI 48197

Randolph T. Barker

Lawsuit & Dispute, Labor Law, Contract, Collection

Status:

CONTACT

3135 S. State, Ann Arbor, MI 48108

Stephen J. Smith

Workers' Compensation, Contract, Collection, Wrongful Death

Status: Licensed: 51 Years

CONTACT

8841 Macomb St, Grosse Ile, MI 48138

800-814-6700

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LEGAL TERMS

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.

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

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.

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.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.

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.

GENERAL PARTNER

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the... (more...)

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.

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.

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).

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Temperance Collection Lawyer, Michigan, page 2

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

John F. Betz

Matthew Ryan Sieffert

Rihan Issa

Kerry Martin

Lynn M. Bredell

Volha Yermalenka

Gregory L. Dodd

Stuart M. Collis

Randolph T. Barker

Stephen J. Smith

TIPS

LEGAL TERMS

LIABILITY

TRADE NAME

NONPROFIT CORPORATION

PREFERENCE

AUTOMATIC STAY

BANKRUPTCY

GENERAL PARTNER

REDEMPTION

CREDIT REPORT

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