If you filed Chapter 7 bankruptcy 5 years ago can you file again on your home and when?

It will cost you less money and you will rebuild your credit rating faster if you file Chapter 7 or Chapter 13. Be cautious if you are considering using a credit counselor. Also read about the problems of unscruplous companies in the credit counselling industry and the action the IRS has taken against "non-profit" credit counseling groups following widespread abuse.

WILL I EVER GET CREDIT AGAIN? A number of banks now offer "secured" credit cards where a debtor puts up a certain amount of money (as little as $200) in an account at the bank to guarantee payment. Usually the credit limit is equal to the security given and is increased as the debtor proves his or her ability to pay the debt.

Two years after a bankruptcy discharge, debtors are eligible for mortgage loans on terms as good as those of others, with the same financial profile, who have not filed bankruptcy. The size of your down payment and the stability of your income will be much more important than the fact you filed bankruptcy in the past. The fact you filed bankruptcy stays on your credit report for 10 years.

It becomes less significant the further in the past the bankruptcy is. The truth is, that you are probably a better credit risk after bankruptcy than before. CAN MY BOSS FIRE ME FOR FILING BANKRUPTCY?

525, prohibits any employer from discriminating against you because you filed bankruptcy. HOW MUCH AM I ALLOWED TO KEEP? You are allowed to keep certain assets, depending on the state in which you reside.

WHAT IS CHAPTER 13 AND WHEN CAN IT BE USED? Have a source of regular income; and on the date the petition is filed owe less than $290,525 in unsecured debts and less than $871,550 in secured debts. Note: The amounts given here are 2001 amounts.

They are regularly adjusted to keep up with the cost of living. Corporations and partnerships may not file a chapter 13 bankruptcy petition. If you filed a prior bankruptcy petition and the prior proceeding was dismissed within the last 180 days, you may not be able to file a second petition and should check 11 U.S.C. sec.

More Information on Chapter 13. WHAT DEBTS ARE ERASED BY A BANKRUPTCY? Income tax debt.

Note on Private Student Loans: On June 7 2007, US Senator Dick Durbin introduced a Bill to make private student loans dischargeable in bankruptcy, as they were before 2005. The 2005 changes to the U.S. Bankruptcy Code made the treatment of private student loans equivalent to the treatment of government-guaranteed student loans, which were not dischargeable. This bill would reverse the 2005 amendment, so that private student loans again would be fully dischargeable in bankruptcy.

The following debts are not erased in both Chapter 7 and Chapter 13. If you file for Chapter 7, these will remain when your case is over. If you file for Chapter 13, these debts will have to be paid in full during your plan.

Recent income tax debts and all other tax debts. This is a complicated area of the bankruptcy law and an attorney should be consulted. The IRS has not recorded a tax lien against your property.

(If all other conditions are met, the taxes may be discharged, but even after your bankruptcy, the lien remains against all property you own, effectively giving the IRS a way to collect.) You didn't file a fraudulent return or try to evade paying taxes. The liability is for a tax return (not a Substitute or Return) actually filed at least two years before you file for bankruptcy. The tax return was due at least three years ago.

The taxes were assessed (you received a notice of assessment of federal taxes from the IRS) at least 240 days (eight months) before you file for bankruptcy. In addition, the following debts may be declared non-dischargeable by a bankruptcy judge in Chapter 7 if the creditor challenges your request to discharge them. These debts may be discharged in Chapter 13.

Debts you owe under a divorce decree or settlement unless after bankruptcy you would still not be able to afford to pay them or the benefit you'd receive by the discharge outweighs any detriment to your ex-spouse (who would have to pay them if you discharge them in bankruptcy). WHAT DOES IT COST? It costs about $300 to file a Chapter 7 bankruptcy.

A bankruptcy lawyer's fees vary but should be in the range of $1,000 to $2,000. Many bankruptcy lawyers will give you a free initial consultation. You can keep the fees down by being well organized and well prepared.

You may also be able to keep the fees down by not requiring the lawyer to attend the meeting of creditors with you.