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 truth is, it depends on your financial situation. The money you leave in a bank should not be the money you are investing for retirement or your children's college education. It probably shouldn't even be the money you may be putting aside for a down payment to buy your first home or to trade up to a larger one.What you need to keep in the bank is the money for your regular bills, your discretionary spending and the portion of your savings that constitutes your emergency fund.Everything starts with your budget. If you donât budget correctly, you may not have anything to keep in your bank account.On the other side, remember that money in a bank account is FDIC insured .) For more advice, see Building An Emergency Fund. If you donât have an emergency fund, you should probably create one before putting your Financial Goals/Savings money toward retirement or other goals.