Question 8 • [PERFIN] Personal Finance, Sem 2 (26-27)
Use the following table to help answer the question below.StateSingle-Earner2-Person3-Person4-PersonFlorida$41,226$52,259$58,574$69,009Georgia$40,691$55,258$61,104$68,502Missouri$39,645$51,568$60,371$71,059Texas$38,940$55,859$59,222$66,381Virginia$48,362$65,122$74,151$85,939A family of three living in Georgia is thinking about filing bankruptcy. In order to file for Chapter 7 bankruptcy, what must be true about their monthly income?
Answer
A
The family's monthly income must be less than $5,092.
B
The family's monthly income must be more than $5,092.
C
The family's monthly income must be less than $4,605.
D
The family's monthly income must be more than $4,605.
Explanation
For a family of three in Georgia, the table lists an annual income of $61,104. Divide by 12 to find the monthly amount: $61,104 ÷ 12 = $5,092. To qualify for Chapter 7 based on this comparison, the family’s monthly income must be less than $5,092, matching choice a.
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