The Campbells make $65,000 a year and live in Minnesota, which has a median annual income of $57,288. If their monthly expenses

Question

Rashid [163]

3 years ago

9

The Campbells make $65,000 a year and live in Minnesota, which has a median annual income of $57,288. If their monthly expenses

amount to $5200 per month, do they qualify for Chapter 7 bankruptcy?

Mathematics

2 answers:

Brut [27] · Answer 1 · 2022-07-21T11:25:31+03:00

Brut [27]3 years ago

3 0

<span>No, the Campbells do not qualify because their yearly income is above the median annual income of Minnesota and they are ineligible according to the means test</span>

rewona [7] · Answer 2 · 2022-07-21T13:46:48+03:00

Solution:

Monthly expenses amount of Campbells= $ 5200

Median annual income of Campbells=$57,288

Median monthly income of Campbells= $\frac{57,288}{12}=4774$ $

Yearly income of Campbells= $ 65,000

Monthly income of Campbells= $\frac{65000}{12}=5416.67$

Since Monthly income of Campbells is more than Median monthly income of Campbells. So, they do not qualify for Chapter 7 bankruptcy.They have to give Mean test to qualify for Chapter 7 bankruptcy.