Use the following table to help answer the question below.
\begin{tabular}{|c|c|c|c|l|}
\hline State & Single-earner & 2-person & 3-person & 4-person \\
\hline Florida & [tex]$\$[/tex] 41,226[tex]$ & $[/tex]\[tex]$ 52,259$[/tex] & [tex]$\$[/tex] 58,574[tex]$ & $[/tex]\[tex]$ 69,009$[/tex] \\
\hline Georgia & [tex]$\$[/tex] 40,691[tex]$ & $[/tex]\[tex]$ 55,258$[/tex] & [tex]$\$[/tex] 61,104[tex]$ & $[/tex]\[tex]$ 68,502$[/tex] \\
\hline Missouri & [tex]$\$[/tex] 39,645[tex]$ & $[/tex]\[tex]$ 51,568$[/tex] & [tex]$\$[/tex] 60,371[tex]$ & $[/tex]\[tex]$ 71,059$[/tex] \\
\hline Texas & [tex]$\$[/tex] 38,940[tex]$ & $[/tex]\[tex]$ 55,859$[/tex] & [tex]$\$[/tex] 59,222[tex]$ & $[/tex]\[tex]$ 66,381$[/tex] \\
\hline Virginia & [tex]$\$[/tex] 48,362[tex]$ & $[/tex]\[tex]$ 65,122$[/tex] & [tex]$\$[/tex] 74,151[tex]$ & $[/tex]\[tex]$ 85,939$[/tex] \\
\hline \hline
\end{tabular}

A family of 2 that has a monthly income of [tex]$\$[/tex] 4,650$ is thinking about filing for bankruptcy. In order to file for Chapter 7 bankruptcy, in which of the following states could the family be living?

A. Georgia or Florida
B. Florida or Texas
C. Georgia or Virginia
D. Virginia or Texas

Please select the best answer from the choices provided.



Answer :

To determine the eligibility for filing Chapter 7 bankruptcy for a family of 2 with a monthly income of [tex]$4,650, we need to compare their annual income with the 2-person income limits in the given states: Florida, Georgia, Missouri, Texas, and Virginia. First, we calculate the family's annual income: \[ \text{{Monthly income}} = \$[/tex]4,650
\]
[tex]\[ \text{{Annual income}} = \$4,650 \times 12 = \$55,800 \][/tex]

Let's now compare this annual income with the 2-person income limits for each state:

- Florida: The 2-person income limit is [tex]$52,259. \[ \$[/tex]55,800 > \[tex]$52,259 \] The family does not qualify in Florida. - Georgia: The 2-person income limit is $[/tex]55,258.
[tex]\[ \$55,800 > \$55,258 \][/tex]
The family does not qualify in Georgia.

- Missouri: Although the table provides data for Missouri, it is not part of any of the answer choices, so we will skip this state.

- Texas: The 2-person income limit is [tex]$55,859. \[ \$[/tex]55,800 < \[tex]$55,859 \] The family qualifies in Texas. - Virginia: The 2-person income limit is $[/tex]65,122.
[tex]\[ \$55,800 < \$65,122 \][/tex]
The family qualifies in Virginia.

Based on the comparisons, the family qualifies for Chapter 7 bankruptcy in Texas and Virginia. Thus, the best answer from the choices provided is:

[tex]\[ \boxed{d} \][/tex]