An electric device delivers a current of [tex]$15.0 A$[/tex] for 30 seconds. How many electrons flow through it?
Answer (2)
Calculate the couple's initial monthly income: 12 $91 , 215 = $7601.25 .
Calculate the couple's new monthly income after job loss: $7601.25 − $3200 = $4401.25 .
Determine the monthly income threshold for a 3-person household in Virginia: 12 $74 , 151 = $6179.25 .
Since the new monthly income ($4401.25) is less than the threshold ( 6179.25 ) , t h eyco u l df i l e f or C ha pt er 7 bank r u pt cy an dd i sc ha r g e m os t o f t h e i r d e b t . \boxed{{\text{b. They could file for Chapter 7 bankruptcy and discharge most of their debt.}}}$
Explanation
Understanding the Problem We are given a scenario where a couple with one child (a 3-person household) in Virginia is facing potential bankruptcy. Their initial combined annual income is $91,215, but it decreases by $3,200 per month when one of them loses their job. We need to determine which bankruptcy option is most suitable for them based on their income and debt situation.
Calculating Initial Monthly Income First, let's calculate the couple's initial monthly income by dividing their annual income by 12: Monthly Income = 12 Annual Income = 12 $91 , 215 = $7601.25
Calculating New Monthly Income Next, we need to calculate their new monthly income after the job loss. This is done by subtracting the income reduction from their initial monthly income: New Monthly Income = Monthly Income − Income Reduction = $7601.25 − $3200 = $4401.25
Determining Monthly Income Threshold Now, let's find the income threshold for a 3-person household in Virginia from the provided table, which is 74 , 151 ann u a ll y . W e n ee d t oco n v er tt hi s t o am o n t h l y t h res h o l d b y d i v i d in g b y 12 : Monthly Income Threshold = 12 Annual Income Threshold = 12 $74 , 151 = $6179.25 $
Comparing Income to Threshold We compare the couple's new monthly income ($4401.25) to the monthly income threshold ($6179.25). Since their new monthly income is less than the threshold, they might be eligible for Chapter 7 bankruptcy. Chapter 7 bankruptcy is typically available to individuals with income below a certain threshold and allows for the discharge of most unsecured debts.
Considering Debt Types and Bankruptcy Chapters The couple has a mortgage, a car loan, student loans, and credit card debt. Chapter 7 bankruptcy generally discharges most unsecured debts, such as credit card debt and potentially some student loan debt (though student loans are often difficult to discharge). Secured debts like mortgages and car loans are typically not discharged unless the asset is surrendered. Chapter 13 bankruptcy involves a repayment plan, which may allow for some debt to be discharged after the plan is completed, but it requires regular payments over a period of time.
Conclusion Given that their income is below the threshold and they have a mix of secured and unsecured debts, Chapter 7 bankruptcy could be an option for them. In Chapter 7, they could discharge most of their debt, specifically the unsecured debt like credit card debt. Therefore, the true statement is that they could file for Chapter 7 bankruptcy and discharge most of their debt.
Final Answer Therefore, the correct answer is: b. They could file for Chapter 7 bankruptcy and discharge most of their debt.
Examples
Understanding bankruptcy options is crucial when facing financial hardship. For instance, consider a small business owner whose revenue declines sharply due to unforeseen circumstances, such as a natural disaster or a sudden economic downturn. If their income falls below a certain threshold and they accumulate significant debt, they might need to evaluate whether to file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 could allow them to discharge most of their unsecured debts and start anew, while Chapter 13 could provide a structured repayment plan to manage their debts over time. This decision-making process involves comparing their income to the threshold, assessing their debt types, and understanding the implications of each bankruptcy chapter.
To find the number of electrons flowing through a device delivering 15.0 A for 30 seconds, we calculate the total charge as 450 C . Dividing this by the charge of a single electron, we find that approximately 2.81 × 1 0 21 electrons flow through the device.
;
