1. Except as otherwise provided in this section, the juvenile court shall make its final disposition of a case not later than 60 days after the date on which the petition in the case was filed.
2. The juvenile court may extend the time for final disposition of a case if the juvenile court files an order setting forth specific reasons for the extension:
(a) Not later than 60 days after the date on which the petition in the case was filed; or
(b) Later than 60 days after the date on which the petition in the case was filed, if the juvenile court finds that the extension would serve the interests of justice. In determining whether an extension would serve the interests of justice, the juvenile court shall consider:
(1) The gravity of the act alleged in the case;
(2) The reasons for any delay in the disposition of the case; and
(3) The potential consequences to the child, any victim and the public of not extending the time for final disposition of the case.
3. The juvenile court shall not extend the time for final disposition of a case beyond 1 year from the date on which the petition in the case was filed.