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.
The law of compound returns is a slow, powerful, and largely invisible force that you can't ignore. Because of how it operates with inflation, your money will be worth half of what it is today in 18 to 24 years. But if you can reduce your fees, taxes, and increase your returns by just 2 to 3 percent per year, you'll double your savings in 24 years.