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.
Section 341 Meeting of Creditors. Once you file your Chapter 7 petition, the rest of your case unfolds at a more predictable pace. By law, the next step in the process must occur within 20 to 40 days after you file bankruptcy.