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The Vaughns make $58,000 a year and live in Florida, which has a median annual income of $47,778. If their monthly expenses amount to $4600 per month, do they qualify for Chapter 7 bankruptcy?
A. No, the Vaughns do not qualify because their yearly income is above the median annual income of Florida and they are ineligible according to the means test.
B. Yes, the Vaughns qualify because their yearly income is above the median annual income of Florida and they are eligible according to the means test.
C. Yes, the Vaughns qualify because their yearly income is above the median annual income of Florida. The means test is irrelevant in this case.
D. No, the Vaughns do not qualify because their yearly income is above the median annual income of Florida. The means test is irrelevant in this case.

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jmdsart

Answer: it’s no they do not qualify because their yearly income is above the median annual income of Florida and they are ineligible According to the mean test

Explanation:

Apex

The Vaughn has been ineligible for Chapter 7 bankruptcy as they have their annual income higher than the median income of Florida. Thus, option A is correct.

The chapter 7 of bankruptcy has made the person living in US being eligible for the bank benefits. The person has been eligible for the chapter when the income of person has been lower than median income of the residing state.

The income of Vaughn after the expenses has been:

Income = Total - expenses

Income = 58,000 - 4600

Income = $53,400

The median income of Florida has been $47,778. Since the annual income of Vaughn has been higher than the median annual income of Florida, he have been ineligible for the Chapter 7 bankruptcy.

Thus, option A is correct as Vaughn do not qualify because their yearly income is above the median annual income of Florida and they are ineligible according to the means test.

For more information about the bankruptcy, refer to the link:

https://brainly.com/question/1142634

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