My husband and I are just starting the process of BK (talking to attorneys, etc) and I have a question about insider payments. My husband lost his job last year and after taking a significant pay cut we were forced to give back our boat to the bank. Of course when they auctioned it off we ended up...

OK I am sure someone can help me and explain to me in layman terms how to understand my 36 month ARM that will readjust on 5/1/09. I read through my loan documents to review the caps, ceiling rates, etc.

Type of Loan:

36 ARM, Fixed at 7.125%
First adjustment - 5/1/09...