The Bankruptcy Timeline

How the Bankruptcy Process Works in Nevada

Federal bankruptcy law has specific steps, and it is important to understand the timeline, particularly if you are currently under extreme financial stress. Waiting too long can lead to loss of your home, repossessions and other repercussions. A Nevada bankruptcy lawyer from Price Law Group can guide you through the process, and answer your questions about your personal or business financial problems and the various alternatives to resolve them.

Time Restrictions: If you have filed Chapter 7 in the past, you cannot file Chapter 7 or Chapter 13 for 8 years.  If you have completed a Chapter 13 bankruptcy (reorganization) and the discharge was 6 years in the past, you have the right to file Chapter 7 or Chapter 13 again. If you have transferred any assets into another person's name, such as a relative, son, daughter and this occurred one year before filing, the court will likely consider that you are concealing assets.  It is also factual that if you have paid off a creditor such as family member or partner within the past year, they may be forced to return the payment, as it could be considered to be a preferential payment.

If you did not correctly file your bankruptcy petition, you must wait 180 days to file again. Since 2005, the laws were amended and there are more requirements. It is strongly advised that you contact our firm to assist you in your filing to avoid this problem. 180 days can mean home foreclosure or other personal or business financial disaster.

When you File: From the day that you file bankruptcy, an automatic stay goes into effect. No creditor is allowed to continue collection efforts, whether by phone, letter or other means. All debts are put on hold during the process.

4 - 6 Weeks After Filing: A meeting of creditors is held in which the individual is questioned about their debt. Those who wish to contest the bankruptcy filing can appear at this meeting to present their case to the trustee.

3 - 4 Months After Filing: The creditors must file their objections within 60 days of the first meeting of creditors.

5 - 6 Months After Filing:  In Chapter 7, your debts will be discharged, and you will be free of the obligations.

3 - 5 Years After Filing:  In Chapter 13, the person will have now completed their pay off of debts, and the remaining amounts will be discharged.

Contact a Nevada Bankruptcy Lawyer to discuss your personal or business debt situation and to bring a resolution through filing for bankruptcy.