How long does it take for a bankruptcy to be finalized?

There can be a considerable variance in the time it takes for a bankruptcy to be finalized, having the debts discharged depends a lot on what type of bankruptcy the individual is going to file. It is not just the type of bankruptcy, it also depends on how long it takes for applicant to gather up all the documents that the court demands which includes detailed information on the applicant?s income and all the debts. Most people use a Henderson Nevada bankruptcy attorney to file Chapter 7 or Chapter 13, the type of filing impacts the length of time to complete the process.

By far the most common form of bankruptcy is Chapter 7; this is usually filed by those who have very few assets to protect. Anyone filing for Chapter 7 will need an attorney to assist them in filing all the paperwork that is demanded by the court. Invariably the part that takes the longest when filing for Chapter 7 bankruptcy is gathering all the supporting documents. In many cases the individual filing will have many different creditors, some of which may have sold the debt to collection agencies; in cases like this the Henderson Nevada bankruptcy attorney may find it challenging to track down who actually is owed money.

The person declaring Chapter 7 must also provide a complete statement of all income; any assets, as well as recent tax return. In many cases the person has been negligent in maintaining good records; this only makes it more complicated for the attorney handling the bankruptcy on behalf of a client. Without a complete record of all the debt and who owns it the bankruptcy cannot proceed; all creditors must be made aware of your filing.

Once all the information is finally gathered then the process can proceed smoothly. In most cases, once the papers are filed with the court one can expect to have a court date set within a couple of months. If, when the court reviews all the documents and finds them in order, the court will declare the applicant bankrupt. This ends most debts other than a few. Student loans, taxes and child support are not discharged and must be paid in full. When a person has a Henderson Nevada bankruptcy attorney, all calls that may come from creditors who are still making efforts to recover their debt can be referred to the attorney, this move normally puts an end to any harassment.

There may come a time when the only solution for your financial problems is to declare bankruptcy. Should this happen you will need a Henderson Nevada bankruptcy attorney; you are invited to contact the Law Office of Hayes & Welsh. They have significant legal experience and knowledge, helping clients collect debts efficiently, effectively and as quickly as possible.

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