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Nicolet Law managing attorney Russell Nicolet

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What Can Bankruptcy Not Eliminate?

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What Can Bankruptcy Not Eliminate?

Girl shocked when she realizes that bankruptcy doesn't eliminate student debt

When considering bankruptcy as a way to eliminate your debts, it's important to know that it doesn't get rid of all debt. Looking at what can't be discharged can help you make a wise, informed decision. Examples of things that can't be eliminated include the following:

  • Some secured debt, which means debt that is tied to a specific asset. For example, you may not be able to eliminate a car loan. Of course, you could give the car to the lender to get rid of the debt, but you can't declare bankruptcy to eliminate the payments and keep the car.
  • Most debt that is linked to a divorce. This could include alimony payments, child support payments, and things of this nature.
  • Other special debts. These include the majority of student loans for college, restitution that you've been ordered to pay by the court, fines you've been given for criminal activity, some taxes, and things of this nature.
  • Debt owed by a cosigner. If you could not get a loan on your own, you may have asked someone to cosign it, which means they have to pay if you don't. Getting rid of this debt for yourself typically does not remove if from the cosigner.
  • Debts that you accumulate after you've filed for bankruptcy. You're not supposed to just use bankruptcy as a way to rack up debt and never pay it off. It can also be problematic to run up a lot of debt right before filing.

If you're going to file, be sure you know how the entire legal process works in Wisconsin and which debts can be discharged.

Source: BadgerLaw.net, "Answers to Common Bankruptcy Questions," accessed April 08, 2016

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SEE HOW NICOLET LAW MAKES A DIFFERENCE IN OUR CLIENTS’ CASES

CAR ACCIDENT

Result with Nicolet Law 
$1,200,000.00

CAR ACCIDENT

Offer before Nicolet Law
$50,000.00

SEMI-TRUCK ACCIDENT

Result with Nicolet Law 
$700,000.00

SEMI-TRUCK ACCIDENT

Offer before Nicolet Law
$75,000.00

SLIP AND FALL ACCIDENT

Result with Nicolet Law 
$180,000.00

SLIP AND FALL ACCIDENT

Offer before Nicolet Law
$5,000.00

PEDESTRIAN HIT BY CAR

Result with Nicolet Law 
$1,050,000.00

PEDESTRIAN HIT BY CAR

Offer before Nicolet Law
$0.00 - denial

DRUNK DRIVING ACCIDENT

Result with Nicolet Law 
$815,000.00

DRUNK DRIVING VICTIM

Offer before Nicolet Law
$0.00

UTV ACCIDENT

Result with Nicolet Law 
$250,000.00

UTV ACCIDENT

Offer before Nicolet Law
$5,000.00
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Nicolet Law Office is honored to have been nominated for numerous awards for excellence in service and client satisfaction. Our attorneys have appeared in such prestigious lists as Top 40 Under 40 and Rising Stars. While we’re thankful to have the support of industry peers and independent third-party organizations, nothing beats the feeling of gratitude we share with clients when we can make a positive impact on their lives.

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12 locations in Wisconsin and Minnesota to serve you

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Wisconsin Locations:

EAU CLAIRE:

402 Graham Ave.
Suite 305
Eau Claire, WI 54701

Phone: (715) 835-5959
Map & Directions

HUDSON:

517 2nd Street
Unit #205
Hudson, WI 54016

Phone: 715-226-6158
Map & Directions

LA CROSSE:

119 N 19th St S
La Crosse, WI 54601

Phone: 608-527-0876
Map & Directions

NEW RICHMOND:

1500 Madison Ave.
Suite 220
New Richmond, WI 54017

Phone: 715-226-6164
Map & Directions

RICE LAKE:
337 North Main Street
Rice Lake, WI 54868

Phone: (715) 790-1114
Map & Directions

RIVER FALLS:
215 S 2nd St #20
River Falls, WI 54022

Phone: (715) 716-5869
Map & Directions

SUPERIOR:
1200 Tower Ave.
Superior, WI 54880

Phone: (715) 718-2969
Map & Directions

WAUSAU:
408 3rd Street
Suite 303
Wausau, WI 54403

Phone: (715) 716-5092
Map & Directions

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Minnesota Locations:

DULUTH:
306 West Superior Street,
Suite 606 West
Duluth, MN 55802

Phone: (218) 729-0628
Map & Directions

HIBBING:
Howard Court Bldg.
302 Howard Street, Suite 123
Hibbing, MN 55746

Phone: 218-217-0659
Map & Directions

MINNEAPOLIS:
225 South 6th Street
Suite 3900
Minneapolis, MN 55402
Phone: (608) 315-5639
Map & Directions

WOODBURY:
724 Bielenberg Drive
Suite 126
Woodbury, MN 55125

Phone: (651) 815-0017
Map & Directions

Wisconsin and Minnesota’s Local Award-Winning Injury and Disability Attorneys.
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