The Gordons make $49,000 a year and live in West Virginia, which has a median annual income of $37,989. If their monthly expenses amount to $3900 per month, do they qualify for Chapter 7 bankruptcy?

Respuesta :

No, the Gordons do not qualify because their yearly income is above the median annual income of West Virginia and they are ineligible according to the means test.

Answer:

With Chapter 7 - bankruptcy, the Court take assets to sell and distribute the money between creditors with exceptions, the person who's in bankrupt is allowed to keep ''exempt'' to get a fresh start.

But, to apply for this, The Gordons need to be bankrupt, which is not the case, with those numbers they should be able to paid their debts. (Their median annual income is less than the yearly income)