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.
And lately, thereâs been some new thinking on this subject. The â4 percent ruleâ â originated in the early 1990s by financial adviser Bill Bengen â says that if you withdraw 4.5 percent of your retirement savings each year, adjusted for inflation, your money should last 30 years.