How much can you save with an interest only mortgage loan? For loan amounts under 500,000 you can usually save around 10% or more off of your mortgage payment. However, that number can vary depending on your individual situation.

An interest-only mortgage loan can be very beneficial because it can help you save money on your payment when there are other things that you would like to invest your money in. It also gives you flexibility when your income is sporadic and you need to make sure that you will always be able to make your payment on time.

There are many lenders that can help you with an interest only mortgage loan. To see our recommended interest only mortgage lenders, click here: www.abcloanguide.com/interestonly.shtml

He also holds meetings which are attended by debtor filing for bankruptcy and his creditors. This is probably hardest part of whole proceedure for most people.

The trustee will question debtor about his financial affairs and go over his financial records to determine that all assets have been disclosed and that no fraud is being perpetrated on court.

Attorneys for creditors are also allowed to ask questions about your expenses and assets.

The trustee will also instruct you on other alternatives and lecture you on proper use of credit.

He will then issue a report bankruptcy judge will use in deciding whether to dicharge your debts and which debts are to be included.

A debtor is unlikely to ever meet judge. In a Chapter 7 case, debtor will not appear in court unless an objection is made. In a Chapter 13 case, debtor might have to appear at a hearing approving his repayment plan.

Most of work will be done in trustee’s office.

What Debt Can Be Discharged?

Not all debt can be discharged by a bankruptcy court.

A bankrupcy court cannot discharge debts arising from alimony, child maintenance and support obligations; certain taxes (including last three years income taxes); debts for educational benefit overpayments or federal student loans; debts for willful and malicious injury; debts for death or personal injury caused by driving while intoxicated from alcohol or other substances; and debts from criminal restitution orders.

To extent that these types of debts are not fully paid by sale of assets during during a Chapter Seven case or not fully repaid during a Chapter Thirteen case, debtor is still responsible for them after bankruptcy case has been concluded.

Other debts may or may not be discharged. Debts for money or property obtained by false pretenses, through fraud, embezzlement or misuse of funds while acting as a fiduciary; debts for willful and malicious injury to another entity or to property of another entity; and debts arising from a property settlement agreement incurred in connection wth a divorce or separation are discharged, unless a creditor convinces court to have such debts declared exempt from discharge.

If you can't get at least half of your debts discharged, it's not worth effort.