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 2 that has a monthly income of $4,650 is thinking about filing bankruptcy. In order to file for Chapter 7 bankruptcy, in which of the following states could the family be living?
First convert the family’s monthly income to annual income: $4,650 × 12 = $55,800. For a family of two, the table lists $55,859 for Texas and $65,122 for Virginia, both at or above $55,800. The family could therefore qualify under the income limit in Texas or Virginia, choice D.
AI-written and checked against the verified answer.