1 An example of a deficit is when you owe $100 and only have $90.  An example of a deficit is when a child in 9th grade reads at a 4th grade level.
Generally, there is no limit to the number of personal bankruptcies a person may file, but there is a required period of time a person must wait between bankruptcy discharges. 1  A person must wait eight years between two Chapter 7 bankruptcies.  A filer may only wait two years between two Chapter 13 bankruptcies.
For the most part though, you can count on a run-of-the-mill Chapter 7 bankruptcy case taking four to six months from the time you file to the time you get your discharge (the order that officially wipes out your debts).