9. The Osbornes have an annual income of $66,000 and monthly expenses of $5300, and they are trying to determine whether or not they qualify for Chapter 7 bankruptcy. Their annual
income is greater than that of the median annual income of their state, but they still may be
eligible according to the means test. Help the Osbornes through the steps of the means test to
see if they qualify.
Part I: What is the Osbornes' monthly income?
I
Part II: What is the Osbornes' monthly income minus monthly expenses?
Part III: What is 60 times the answer to Part II?
Part IV: Is the answer to Part III greater than or less than $10,000?
Part V: Are the Osbornes eligible for Chapter 7 bankruptcy according to the means test?