How Long Does It Take to File Bankruptcy?
Individuals struggling with debts may wonder, “How long does it take to file bankruptcy?” If you satisfy all the eligibility requirements and have the required documents, a bankruptcy filing can happen almost immediately. How long the bankruptcy will last in Nevada will, however, depend on the type of bankruptcy you file. A Chapter 7 bankruptcy is usually complete within 6 months. A Chapter 13 bankruptcy, on the other hand, can end within 3 to 5 years.
A knowledgeable bankruptcy attorney can evaluate your situation to determine if you can file bankruptcy and which option will help address your challenges. The attorney will discuss the timeline for filing bankruptcy and how long the option you choose may last. The attorney will handle the filing process and secure a bankruptcy plan that suits your situation.
Call Randolph Law Firm, P.C. at 702-757-7777 to request a free consultation with one of our top bankruptcy attorneys in Nevada.
Types of Bankruptcy in Nevada
Chapter 7 and Chapter 13 bankruptcy are the two main types of bankruptcy in Nevada.
Chapter 7 Bankruptcy
This type of bankruptcy is the most common in Nevada. About 5,486 Chapter 7 bankruptcy filings were made in the state in 2023. Only 1,305 Chapter 13 filings were made in the same year.
A Chapter 7 bankruptcy is a great choice when your disposable income cannot cover your pending bills. A bankruptcy trustee may liquidate some of your assets and repay your creditors using the proceeds.
Your attorney can tell you how much debt you need to file bankruptcy under Chapter 7 and how long it takes for creditors to be notified of bankruptcy. The attorney can help you understand which assets are non-exempt (eligible for liquidation) or exempt (those you can keep).
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is an ideal option if you have a steady income but currently cannot repay your debt. This bankruptcy option allows you to develop a debt repayment plan that stretches over a long duration and get it approved by the court. You can stay in your home and keep other assets like a motor vehicle after a successful Chapter 7 filing.
Pre-Filing Requirements for Bankruptcy
You must undertake a credit counseling course offered by a state-approved organization to qualify to file bankruptcy under Chapter 7 or Chapter 13. You must complete the course 180 days before filing and submit your completion certificate to the court.
You must take a means test to determine which type of bankruptcy you are eligible to file. Other bankruptcy pre-filing requirements in Nevada include identifying relevant exceptions and completing and filing required forms with the appropriate court.
What Is the Timeline for Filing Bankruptcy?
The following timelines will apply to your bankruptcy case in Nevada
15 Days After Filing
You must submit documentation of all your earnings, assets, liabilities, expenses, and other relevant case details to the court within 15 days after bankruptcy filing. If you are filing under Chapter 13, you must submit your repayment plan within the same duration.
30 Days After Filing
You have 30 days after a Chapter 7 bankruptcy filing to submit a Statement of Intention. You also have 30 days after a Chapter 13 filing to comply with your repayment plan. This compliance involves sending your first payment to the bankruptcy trustee.
45 Days After Filing
Nevada usually schedules a Meeting of Creditors about 45 days after a bankruptcy filing. You must attend this meeting in person. A bankruptcy lawyer can help you get ready for this meeting and respond to any questions you have. The lawyer can also be present during the meeting to guide and represent you.
180 Days After Filing
Government agencies must provide proof of any claims against you within 180 days after the bankruptcy filing.
36 to 60 months After Filing (Chapter 13 Only)
The bankruptcy court will issue an official discharge notice within 36 to 60 months of making your first payment under the Chapter 13 repayment plan.
Filing bankruptcy can be your path to getting out of debt and gaining financial freedom. So, take the process seriously and hire a lawyer to help you avoid costly mistakes that may harm your case. Ensure you know how much a bankruptcy lawyer costs so you can find someone who offers you quality representation at an affordable cost.
You can count on Randolph Law Firm, P.C. to help you file bankruptcy and aggressively push for the most favorable outcome. Contact us to discuss your case with one of our experienced bankruptcy attorneys. Initial Consultations are free.
