Question

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?

Answer 1

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

Explanation:

Answer 2

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

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.