In re Shaw
United States Bankruptcy Court for the Middle District of North Carolina
311 B.R. 180 (2003)
The Shaws (plaintiffs) were a married couple with two adult children. The Shaws had been consistently employed for five years and claimed income of $138,000 in 2001 and $157,000 in 2002 on their tax returns. Despite their high income, the Shaws had gradually accumulated large debts by living beyond their means for years. The Shaws lived in a large home and had purchased expensive cars and consumer goods. The Shaws supported one adult child living at home and paid college tuition and expenses for their other child. The Shaws unsecured debt included $130,000 in credit-card debt. The Shaws filed for chapter 7 bankruptcy. The Shaws submitted a proposed chapter 7 plan that essentially maintained their existing lifestyle, including keeping their home, three vehicles, and continuing to pay college tuition for their child.
Rule of Law
Holding and Reasoning (Carruthers, J.)
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