-The Shaws, a married couple, filed for Chapter 7 on May 27, 2003.
-The Shaws have two children over the age of 20.
-Their house was valued at $415,000 but they testified it was actually worth less than $400,000.
-They listed personal property worth $56k. Their AGI for 2001 was $138,000, with an increase in 2002 to $157,000.
-They listed combined total income of $7,800.
-Mrs. Shaw lost her job, but receives $2,700 monthly income as severance. Mr. Shaw just received a raise.
-Their current Monthly Income is $7889. Their listed monthly expenses are only $7517.
-They have 3 cars and pay their daughters tuition.
-The Shaws have $469,000 in secured debt and $131,000 in unsecured credit card debt.
-They have 15 CC accounts!!!
- Debtor can repay a meaningful portion of their unsecured debt over 36 month period based on their income and future expenses.
- If debtor remains in Chapter 7, it will be a no asset case and unsecured receive nothing
- Their family budge is excessive and unreasonable. They ought to reduce their expenses significantly.
- Their son is a deadbeat and they should move to a smaller home. Reduce their phones, cars, and college expenses and it frees up $2k in monthly payments in a Chapter 13 plan.
- A discharge of their debt would be at the expense of the creditors
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