If you file for Chapter 7 or 11, it will remain on your credit report for up to 10 years. If you file for Chapter 13, it may stay on your report for up to seven years. A Chapter 11 bankruptcy will stay on the business's credit report, not the individual owner's, unless they file a personal bankruptcy.
Answer:Purchasing power in todayâs dollars = $289,287/1.02536 = $118,924. 4) You plan to save $7,000 each of the next 40 years, and invest that money in an account that pays 9% annual interest. In addition, you plan to pay for your childâs college education beginning in 20 years.
Opening a savings account is an excellent way to keep your money safe while earning a competitive rate of interest. With a savings account, your money is insured up to a limit of $250,000 as of 2011, so you can be sure your money is safe.ach year you have your savings account you will receive a 1099-INT form listing the amount of interest you received for the previous year. It is your responsibility to report the amount of interest you received to the IRS when you complete your tax return.