According to the United States Court, annual bankruptcies in America totaled 772,646 this past March. For consumers deeply in debt, it makes sense to consider bankruptcy. The trouble is that filing is confusing and complicated for the average consumer. Here are three aspects you probably haven’t thought about, but should consider before filing.

Bankruptcy doesn’t occur overnight.

The courts simply don’t operate as quickly as you would hope. You might think the process is similar to small claims court, but it isn’t. Instead, the entire process could last four to six months. If you are filing a second or third time, expect it to last longer than that.

Legal forms require intense attention to detail.

You might think that bankruptcy filing is straightforward and simple, but it’s not. The legal forms are compared to tax returns and contain plenty of tricky questions. You must understand how to file Schedules A through J plus the Statement of Financial Affairs.

Being inexperienced in this arena could cost you severely. Don’t attempt to tackle the unknown alone; you are risking your money, property and freedom.

Your credit is affected for years.

Whether you file Chapter 7 or Chapter 13, you will see it on your credit report for at least seven years. While it’s on your credit report, it will take you at least two years before you start to recover. Even then, creditors charge a premium to take you on. To improve your credit score, you must start with small amounts of credit and repay it quickly.

We are here to help you.

You don’t have to navigate this path alone. Moreno & Associates is the premier law firm to have on your side. We understand what you are going through and will walk with you. Whether your financial struggles stem from job cuts, a family death, economic slowdown or divorce, we have the know-how to get you to the other side.

Contact us today for a free consultation and allow us to worry about your bankruptcy in San Diego.