Question

Jerry lives in New Mexico and makes $52,000 a year. If the median annual income in New Mexico is $53,731 and the median annual income in the United States as a whole is $50,233, is Jerry likely to qualify for Chapter 7 bankruptcy?

Answer 1

Yes, Jerry is likely to qualify, since his yearly income is below the median annual income of New Mexico.

Answer 2

Yes, Jerry is likely to qualify for Chapter 7 bankruptcy

Step-by-step explanation:

A requirement to qualify for Chapter 7 bankruptcy is to have an income that is below the median level in the state that the person lives. So, considering that the median annual income in New Mexico is $53,731 and Jerry makes $52,000, he is likely to qualify for Chapter 7 bankruptcy.