Understanding your circumstances
An initial assessment considers your income, property, debts, recent transactions and any pending collection activity. The identity of each borrower, owner and guarantor matters, particularly when personal obligations overlap with a business.
Chapter 7 and Chapter 13
Chapter 7 generally involves a trustee administering nonexempt property and may discharge eligible debts. Chapter 13 involves a court-supervised repayment plan for eligible individuals with regular income. The treatment of property and the obligations that remain depend on the facts and applicable law. Some individuals may need to consider other options, including Chapter 11.
A review of your circumstances is necessary before recommending a filing or a particular chapter. Bankruptcy does not treat every debt or every asset in the same way.
When personal and business debt overlap
Closing a company does not necessarily resolve a guarantee or other personal obligation. A business owner may need to consider the company’s options and the owner’s situation separately. Read our guide to business debt and personal guarantees.
Disputes within bankruptcy
Karl’s work also includes contested bankruptcy matters, such as claims that a debt should not be discharged and disputes involving alleged transfers or fraud. Learn more about bankruptcy litigation.
Contacting the firm
Tell us whether a lawsuit, garnishment, foreclosure or bankruptcy proceeding is already pending and identify any dates on notices you have received. Do not send tax returns, account numbers or other detailed records through an initial website inquiry.
Read Karl Johnson’s biography. The U.S. Courts bankruptcy basics provide general background on the different chapters.
Bankruptcy counsel with depth
Karl Johnson is one of only three attorneys in Minnesota certified as a Business Bankruptcy Specialist by the American Board of Certification. His experience includes thousands of bankruptcy cases under Chapters 7, 11, 12 and 13.