As there are many different circumstances that must be taken into account when one files for bankruptcy, it is difficult to accurately predict just exactly how long it will take for the process. It depends to a great extent on which type of bankruptcy is best suited for the individual and how quickly the individual can gather up all the information that will be required. In most cases a private person will elect to file either Chapter 7 or Chapter 13, in many cases the choice will be directed by the claimants Henderson Nevada bankruptcy attorney.
The most common bankruptcy is Chapter 7, this is the type chosen by those individuals who have very little in the way of assets that they want to protect. In most cases the person will employ a Henderson Nevada bankruptcy attorney to provide help with all the documents that need to be filed and to amass the documents that that the court will need, this is usually the part of the bankruptcy process that takes the most amount of time. If the individual owes money to a considerable number of creditors and the creditors in turn sold the accounts to a collection agency it can be a real challenge for the bankruptcy attorney to figure out exactly who the money is owed too.
When a person files for Chapter 7 bankruptcy they must provide accurate statements of their current income, any assets and reports on taxes. Often people are negligent in maintaining accurate records of their dealings and it can be difficult to gather the information. In many cases it is the attorney that can track down collection agencies who have bought the debt from the original creditor, this information is vitally important if the bankruptcy is to proceed with the minimum of complications, all of which add to the time it takes to conclude the process.
Once everything is together and filed, one can expect that a court date will be set within one or two months. At that time the court will declare the person bankrupt, assuming all the papers are there and in compliance with the law. At this time the person’s debts, albeit not all, are discharged. There are certain debts that cannot be discharged; student loans and recent taxes are a couple of examples. The bare minimum time frame in which the bankruptcy process can be completed is one month but rarely does this happen.
If you have reached the point where bankruptcy appears to be the solution then you will need a Henderson Nevada bankruptcy attorney to protect your rights and guide the process. You are invited to contact the Law Office of Hayes & Welsh.