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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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Scott Donovan Skinner

Landlord-Tenant, Estate Planning, Business, Credit & Debt

Status: Licensed: 12 Years

CONTACT

26711 Woodward Ave, Huntington Woods, MI 48070

Manvinder S. Talwar

Federal Appellate Practice, Criminal, Contract, Credit & Debt

Status: Licensed: 25 Years

CONTACT

511 Olde Towne Rd, Rochester, MI 48308

Kenneth A. Vannorwick

Landlord-Tenant, Estate Planning, Business, Credit & Debt

Status: Licensed: 25 Years

CONTACT

2787 Rambling Way, Bloomfield Hills, MI 48302

John D. Hertzberg

Foreclosure, Litigation, Contract, Credit & Debt

Status: Licensed: 40 Years

CONTACT

4190 Telegraph Rd, Bloomfield Hills, MI 48302

Julie M. Skidmore

Credit & Debt, Bankruptcy, Consumer Bankruptcy

Status:

CONTACT

755 W Big Beaver Rd, Troy, MI 48084

Aaron Sheinfield

Bankruptcy & Debt, Bankruptcy, Collection, Credit & Debt

CONTACT

4000 Town Center, Southfield, MI 48075

Ian Sean Bolton

Construction, Banking & Finance, Credit & Debt, Defamation & Slander

Status:

CONTACT

24361 Greenfield Rd, Southfield, MI 48075

Andrew Roberts Mikos

Criminal, Credit & Debt, Consumer Bankruptcy, Personal Injury

Status: Licensed: 23 Years

CONTACT

17200 W 10 Mile Rd, Southfield, MI 48075

Jeffrey B. Linden

Divorce, Elder Law, Contract, Credit & Debt

Status: Licensed: 32 Years

CONTACT

30150 Telegraph Rd, Franklin, MI 48025

Michelle A. King

Litigation, Credit & Debt, Collection, Bankruptcy

Status: Licensed: 17 Years

CONTACT

26304 Grobbel Ave, Warren, MI 48091

800-814-6700

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LEGAL TERMS

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.

DISPOSABLE INCOME

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Ch... (more...)

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

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.

FRAUDULENT TRANSFER

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee --... (more...)

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.

DEBIT CARD

A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can ... (more...)

A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can also be used at stores to pay for goods and services in place of a check. Unlike a credit card, a debit card automatically withdraws money from your checking account at the time of the transaction. Debit cards are regulated by the Electronic Funds Transfer Act.

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.

DISCHARGE (OF DEBTS)

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

INFRINGEMENT (OF TRADEMARK)

Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringeme... (more...)

Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringement turns on whether the defendant's use causes a likelihood of confusion in the average consumer. If a court determines that the average consumer would be confused, the owner of the original mark can prevent the other's use of the infringing mark and sometimes collect damages.

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Troy Credit & Debt Lawyer, Michigan, page 4

Sponsored Law Firm

Marrs & Terry, PLLC

SPONSORED LAWYERS

Scott Donovan Skinner

Manvinder S. Talwar

Kenneth A. Vannorwick

John D. Hertzberg

Julie M. Skidmore

Aaron Sheinfield

Ian Sean Bolton

Andrew Roberts Mikos

Jeffrey B. Linden

Michelle A. King

TIPS

LEGAL TERMS

REDEMPTION

DISPOSABLE INCOME

SOLE PROPRIETORSHIP

S CORPORATION

FRAUDULENT TRANSFER

DEBIT CARD

NONPROFIT CORPORATION

DISCHARGE (OF DEBTS)

INFRINGEMENT (OF TRADEMARK)

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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