Before anyone else mentions Joss Whedon's name in connection with Episode 7, might I just remind you that he's already set to direct a big budget sequel due for release in May 2015. It's called The Avengers 2.

This will also be the reason why Episode 7 wont be released in May 2015. Why would they put 2 of their big budget blockbusters in direct competition against each other?

I wouldn't expect to see this until November 2015 at the earliest & I doubt that is enough time to come up with a new Star Wars movie.