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.
Saving 20% of your income could catapult you into purchasing a home in the next 12 to 16 months, depending on your market. For example, if youâre earning $96,000 per year, thatâs $19,200 saved after one year. $28,800 saved after a year and six months, which can be plenty of funds to make home-ownership a reality.ow much cash you will need to purchase a house is dependent on the loan program, purchase price range and certainly your market area. 1  Conventional financing â Needs a minimum down payment of 5% (varies on maximum loan size in your area).