Nicolet law office
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Nicolet Law managing attorney Russell Nicolet

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SERVING WI & MN | Calls Answered 24/7 | Free Consultations 866-663-8774

What is Unsecured Debt?

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What is Unsecured Debt?

Young Wisconsin woman stressed about her credit card debt

Whether in a news item, an article or a billboard advertisement, you have probably seen the terms secured and unsecured debt in relation to bankruptcy. As a core concept in bankruptcy, the division between secured and unsecured debt is not always as clear as debtors would hope. Depending on your situation, your amount of secured versus unsecured debt can help you choose between a Chapter 7 and Chapter 13 bankruptcy filing.

The main difference between secured and unsecured debt is the notion of collateral. If the debt is directly tied to physical property, then that debt is said to be secured. A creditor can, potentially, reclaim that property if you fail to pay your debt. The distinction, however, is not perfect. Past due taxes, for example, can be eliminated through bankruptcy only if certain conditions are met. In most instances, though, tax debt is considered secured even though there is no physical property.

Depending on your unique situation, an experienced bankruptcy attorney can provide clear direction regarding the benefits of seeking debt relief and what might happen to your debts. Unsecured debts can include:

  • Credit card debt
  • Department store charge cards
  • Utility bills
  • Medical bills
  • Personal loans

In some situations, as noted before, income tax debt might be discharged. Again, it is crucial to work with a knowledgeable attorney before making any life-altering financial decisions.

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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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Awards & Recognitions

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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DEDICATED ATTORNEYS SERVING A COMMUNITY NEAR YOU

Contact us today to request a free case evaluation with a dedicated local attorney. With twelve convenient office locations throughout Minnesota and Wisconsin, accessing award-winning legal services has never been easier. If you have a medical condition that prevents you from traveling, we would be happy to meet you at your home or schedule a private virtual consultation.

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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: 715-226-4155
Map & Directions

HUDSON:

517 2nd Street
Unit #205
Hudson, WI 54016

Phone: 715-226-4155
Map & Directions

LA CROSSE:

119 N 19th St S
La Crosse, WI 54601

Phone: 715-226-4155
Map & Directions

NEW RICHMOND:

1500 Madison Ave.
Suite 220
New Richmond, WI 54017

Phone: 715-226-4155
Map & Directions

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

Phone: 715-226-4155
Map & Directions

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

Phone: 715-226-4155
Map & Directions

SUPERIOR:
1200 Tower Ave.
Superior, WI 54880

Phone: 715-226-4155
Map & Directions

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

Phone: 715-226-4155
Map & Directions

Minnesota State Icon

Minnesota Locations:

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

Phone: 651-427-3331
Map & Directions

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

Phone: 651-427-3331
Map & Directions

MINNEAPOLIS:
225 South 6th Street
Suite 3900
Minneapolis, MN 55402

Phone: 651-427-3331
Map & Directions

WOODBURY:
724 Bielenberg Drive
Suite 126
Woodbury, MN 55125

Phone: 651-427-3331
Map & Directions

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