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.
Before you consider filing a Chapter 13 here are some things you should know: 1  You must file all required tax returns for tax periods ending within four years of your bankruptcy filing. 2  During your bankruptcy you must continue to file, or get an extension of time to file, all required returns.