Question

4.10.4 test (cst): purchasing and credit wesley lives in washington and makes $56,500 a year. if the median annual income is $58,078 in washington and $50,233 in the united states as a whole, is wesley likely to qualify for chapter 7 bankruptcy? a. no, wesley is not likely to qualify, because his yearly income is below the median annual income of washington. b. yes, wesley is likely to qualify, because his yearly income is below the median annual income of washington. c. yes, wesley is likely to qualify, because his yearly income is above the median annual income of the united states as a whole. d. no, wesley is not likely to qualify, because his yearly income is above the median annual income of the united states as a whole.

Explanation:

To qualify for Chapter 7 bankruptcy, in some cases, if a debtor's income is below the median income of their state, they may be eligible. Wesley's income of $56,500 is below the median annual income of $58,078 in Washington.

Answer:

B. Yes, Wesley is likely to qualify, because his yearly income is below the median annual income of Washington.