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What is Unsecured 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.

Awards & Recognition

Our peers and independent third-party organizations have recognized the hard work and dedication we put into every case. This has led to numerous awards and accolades.

  1. Rated By Super Lawyers | Russel D. Nicolet
    Super Lawyers Rising Stars
    Avvo Rating 10.0 Superb | Top Attorney Personal Injury Avvo Rating 10.0 Superb | Top Attorney Bankruptcy
  2. The American Association of Legal Advocates Wisconsin Association for Justice BBB Accredited Business - A+
  3. Minnesota State Bar Association American Bar Association State Bar of Wisconsin
  4. BV Distinguished | Lexis Nexis | Martindale-Hubbell | For Ethical Standards and Legal Ability The National Trial Lawyers

Office Locations

Regional Office Map

Hudson Office
511 2nd Street Suite 203
Hudson, WI 54016

Phone: 715-802-0872
Hudson Office

Superior Office
1507 Tower Ave Suite 210B
Superior, WI 54880

Phone: 715-802-0872
Superior Office

Rice Lake Office
337 N. Main Street
Rice Lake, WI 54868

Toll Free: 800-456-6956
Rice Lake Office

Eau Claire Office
402 Graham Ave, Suite 305
Eau Claire, WI 54701

Phone: 715-802-0872
Eau Claire Office

St. Paul Office
332 Minnesota Street, Suite 3172
St. Paul, MN 55101

Phone: 651-243-2872
St. Paul Office

Amery Office
228 Keller Ave N.
Suite 3A
Amery, WI 54001

Toll Free: 800-456-6956
Amery Office

Nicolet Law Office, S.C. helps people throughout Western Wisconsin and Minnesota including; Hudson, Eau Claire, Superior, Amery, Rice Lake, Chippewa Falls, River Falls, Menomonie, Hayward, New Richmond, Spooner, Bloomer and Barron.

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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.