Chapter 7 Bankruptcy

Chapter 7 Bankruptcy gives you a fresh start by eliminating those debts you cannot afford to pay while allowing you to keep all of your property. Once these debts are wiped out in Chapter 7, you will never have to pay them.

In general a Chapter 7 Bankruptcy will WIPE OUT MOST OF YOUR DEBTS, STOP WAGE GARNISHMENTS, STOP REPOSSESSIONS, STOP HARASSMENT and allow you to control your financial future. Take the first step to financial freedom – CALL The Law Offices of Richard L. Leeds at (818) 654-1900. Our friendly staff will be happy to answer general questions about Bankruptcy or set up your FREE – no obligation – 30 minute consultation with the Attorney.

Stops Creditor Harassment

Once you have filed for protection under the bankruptcy laws, your creditors are required by law to stop all collection activity against you. No more telephone calls demanding payment, no lawsuits, no wage garnishments and best of all, no more debts.

You Do Not Lose Any of Your Property

In 99% of the Chapter 7 cases, the person filing Bankruptcy keeps all of their property. Bankruptcy law is not meant to punish you and allows you to keep your property under what are called “exemptions” (things you get to keep). You keep your car, your house, your jewelry, the boat, your clothing, just about everything!(there are a few very specific exceptions)

Your Bankruptcy Case

A Bankruptcy case is like a lawsuit to get rid of your debts. Once it is filed, your Bankruptcy case will last approximately 4 months. During that time period, the only thing you will need to do is attend one court hearing, approximately 30 days after the case is filed. Our office will explain what happens at that hearing and prepare you for your appearance and examination in court.


If there is any single qualifying factor for filing Chapter 7 Bankruptcy, it is that all of someone’s income is spent on their monthly expenses. As you can imagine, for most people this is not a problem.

Types of Debt

Unsecured debts, such as credit card debt, personal loans, money judgments and certain taxes are wiped out in a Chapter 7. However, certain debts are not dischargeable under Chapter 7 Bankruptcy; these debts include, but are not limited to, most student loans, certain taxes, alimony and child or other court ordered support payments.

This is only an overview; please call us at (818) 654-1900 for a free consultation to have all your questions answered.

What’s the Deal with Premarital Agreements (Prenups)?

Premarital agreements aren’t just for rich folks – they’re for anyone who is concerned about losing control of their property as a result of marriage. This includes people who were previously married, especially if they have children from the prior marriage, and individuals who own their own business.

The first key to an effective, enforceable premarital agreement is independent representation. That means each party to the agreement must have his or her own attorney, even if the parties share the same views on what the premarital agreement should say.

The second key to an effective, enforceable premarital agreement is full disclosure of each party’s assets to the other. This makes sense – if you are agreeing to give up the right to another person’s property, you should know exactly what you’re giving up.

The typical premarital agreement usually covers three scenarios: during the marriage, upon divorce and upon the death of a spouse. California law gives spouses certain rights under each of these scenarios, but a premarital agreement may be used to change (or eliminate) these rights.

Perhaps the simplest and most common type of premarital agreement is what I call the “yours is yours, mine is mine” agreement. As its name indicates, each party has separate property during the marriage, and neither party has the right to the other’s property upon divorce or the death of one spouse. This doesn’t prevent either spouse from making gifts to the other during life or upon death (e.g. in a Will); however, neither spouse is required to make such gifts.

This is only the simplest analysis and discussion of premarital agreements; please feel free to call if you have further questions or to schedule an appointment.


What Can Bankruptcy Do For Me?

Bankruptcy Law Allows People To Become Debt Free Who Never Thought They’d See A Life Without Overdue Bills … Would YOU Like To Experience The Same Freedom And Peace Of Mind?

For many, a life without the crushing burden of overdue debt has led to a sense of freedom and peace of mind. They’re now back on track, getting mortgages, car loans and new credit – but using it smarter than ever before. Because they realize that just because you’re in debt today doesn’t mean you’re a bad person – and it doesn’t mean you need to be in debt slavery forever.

Bankruptcy can be a new beginning. Over 1.6 million people filed for bankruptcy last year, and California bankruptcy courts have been some of the busiest in the nation. Some of your friends and family members may have filed for bankruptcy, and you may not even know it. You are not alone.

Whether due to job loss, illness, divorce or wages that simply do not keep up with increased cost of living, many individuals and families in New York find themselves in financial distress.

Constant phone calls, lawsuits, judgments, wage and bank account garnishment, calls at work that can threaten your job security, foreclosure and eviction are all problems California individuals and families find themselves in when overwhelmed with unmanageable debt.

Call for your new financial start.

Law Offices of Richard L. Leeds
21550 Oxnard Street, Suite 630
Woodland Hills, CA 91367
Ph:   (818) 654-1900
Fax: (818) 654-1902