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.
Depending on your personal situation and the laws of your state, you may have to liquidate some of your property and assets. A bankruptcy filing will become part of your credit report for up to 7 or 10 years, depending on whether you file a Chapter 7 (liquidation) or Chapter 13 (adjustment) bankruptcy case. It will also be more difficult and expensive to obtain new credit.