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.
As a result, debtors typically receive a discharge after the 60-day objection period ends, usually within three to six months. With Chapter 13 cases, the bankruptcy court must hold a confirmation hearing no later than 45 days after the 341 meeting and decide whether the repayment plan is feasible.