To determine in which states a family of 2 with a monthly income of [tex]$4,650 could be eligible for filing Chapter bankruptcy based on their income being below the state median income threshold, let's follow these steps:
1. Calculate the Annual Income:
The monthly income of the family is $[/tex]4,650. To find the annual income, multiply the monthly income by 12.
[tex]\[
4,650 \times 12 = 55,800
\][/tex]
The family's annual income is [tex]$55,800.
2. Compare the Annual Income with State Median Incomes:
We need to compare this annual income with the median incomes listed in the table for a family of 2 in each state.
- Florida: $[/tex]52,259
- Georgia: [tex]$55,258
- Missouri: $[/tex]51,568
- Texas: [tex]$55,859
- Virginia: $[/tex]65,122
3. Determine Eligibility:
A family qualifies for Chapter bankruptcy if their income is less than the median income for a family of 2 in that state. Let's compare:
- Florida: [tex]$55,800 > $[/tex]52,259 (Not Eligible)
- Georgia: [tex]$55,800 > $[/tex]55,258 (Not Eligible)
- Missouri: [tex]$55,800 > $[/tex]51,568 (Not Eligible)
- Texas: [tex]$55,800 < $[/tex]55,859 (Eligible)
- Virginia: [tex]$55,800 < $[/tex]65,122 (Eligible)
4. Identify the Eligible States:
From the comparison, the states where the family's income is below the median are Texas and Virginia.
5. Choose the Correct Option:
Given the eligible states (Texas and Virginia), the correct answer matches the option:
[tex]\[
d. \text{Virginia or Texas}
\][/tex]
Therefore, the correct answer is:
d. Virginia or Texas
