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.
The information is not a substitute for the advice of a qualified bankruptcy attorney. If you need legal assistance, consult an attorney. Generally, the laws of the state in which you lived for the 730 days (2 years) prior to filing a bankruptcy petition will apply in your bankruptcy.