Axel lives in Virginia and makes $54,000 a year. If the median annual income in Virginia is $61,233 and the median annual income

Question

Novay_Z [31]

4 years ago

6

Axel lives in Virginia and makes $54,000 a year. If the median annual income in Virginia is $61,233 and the median annual income

in the United States as a whole is $50,233, is Axel likely to qualify for Chapter 7 bankruptcy?

Mathematics

2 answers:

ankoles [38] · Answer 1 · 2021-12-28T13:53:05+03:00

ankoles [38]4 years ago

5 0

Answer:

yes, axel is likely to qualify, because his yearly income is below the median annual income of virginia

Step-by-step explanation:

rusak2 [61] · Answer 2 · 2021-12-28T12:26:26+03:00

Answer:

The answer is Yes Axel will qualify for chapter 7 bankruptcy.

Step-by-step explanation:

To qualify for a Chapter 7 bankruptcy, the debtor must earn less than the state median income on a monthly basis. Here it is given that Axel lives in Virginia and makes $54,000 a year. The median annual income in Virginia is $61,233. So, Axel is earning less than the median income. Hence, he will qualify for chapter 7 bankruptcy.