If you’re planning to file for bankruptcy, there’s a lot of planning to do beforehand and you may want a timeline to feel prepared. Luckily, there’s a lot of information about when you can expect certain things to happen and documents to be due. In the state of Nevada, bankruptcy can take anywhere from 90 days to five years depending on the type of bankruptcy filed. Chapter 7 bankruptcy specifically is for selling assets that are not exempt from the filing and is on the shorter side of that timeline. Most individuals and businesses that file for bankruptcy under Chapter 7 are able to discharge their debt in four to six months. Learn more about what you can expect with this generalized Chapter 7 bankruptcy timeline.
When you decide to file for bankruptcy, you should allot between one to four weeks to gather all of your documents, the filing fee, find a lawyer if you’d like, and to complete the required credit counseling. Once you’ve officially filed for Chapter 7 bankruptcy, you need to complete the next group of required documents and forms before the 341 Meeting of Creditors.
After this meeting is held, between 30 and 45 days after you file for bankruptcy, you will find out if any creditors have objected to your debt discharge and you will need to complete a second mandatory course on financial management. Your appointed trustee will also review any exemptions and decide what non-exempt assets should be sold. If you are able to complete the financial management course required for Chapter 7 bankruptcy quickly, you’re more likely to have a shorter period of waiting during this time.
Barring complications, the court on your bankruptcy case will discharge the qualifying debt and close the case. Complications that could extend the bankruptcy discharge and closing of your case may include missing or incorrect paperwork, not completing and submitting documentation of the required courses, an objection from a creditor, or an issue with your trustee or court.
Chapter 7 bankruptcy should last between four to six months from the date of filing, unless you have a particularly complex or delicate case. Completing forms and submitting documentation in a timely manner and staying cognizant of meeting dates should allow you to avoid these complications. If you’re nervous about the complexities of filing, consider hiring a Chapter 7 bankruptcy attorney.
Looking for a bankruptcy attorney near you? Request a consultation or call The Law Office of Corey Beck in Las Vegas at (702)678-1999 to navigate Chapter 7 bankruptcy with help from an expert.
