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.
A common bankruptcy myth is that it takes seven (7) years after filing bankruptcy before you can get new credit. This is simply untrue. Any kind of bankruptcy can be reported on your credit for up to ten (10) years but this does not mean that you canât obtain new credit during the ten (10) year period.In fact, most of our clients receive letters shortly after they receive their bankruptcy discharge with offers of new credit.ny kind of bankruptcy can be reported on your credit for up to ten (10) years but this does not mean that you canât obtain new credit during the ten (10) year period. In fact, most of our clients receive letters shortly after they receive their bankruptcy discharge with offers of new credit.