LIFESTYLE CHANGES

People who file for bankruptcy and agree to a payment plan instead of an outright discharge have the right to set aside money they need to pay for their necessities.  The rest goes to the bankruptcy trustee to make partial payments to the creditors, and the balance of the debts is discharged after the plan has run its course.

As one can imagine, what is “necessary” can be the object of much debate.  A Richmond couple may have pushed their argument just a little bit too far.  They designated as necessary money for a time-share, a country club and private schools.

A bankruptcy payment plan simply does not constitute a blank check to maintain the lifestyle one has become accustomed to.  Sorry…