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.
Youâll typically use a third-party escrow agent such as the title company, to hold your earnest money deposit in an escrow account. You should avoid giving the deposit directly to the seller. If the transaction doesnât close and the seller cannot return the money, you may have to pursue legal action, costing you more. Giving the money to a third party escrow agent protects the buyer from questionable sellers. The terms of the contract decide where earnest money lands if the contract is broken.