In today's economy, it is reality for many people that they are living in homes that are worth far less than what is owed on their mortgage. This is not your fault, though it is highly likely that you are the one paying the consequences for mistakes and bad business practices made by people you will never meet. If it has come down to you losing your home in this precarious economy, you are certainly not alone. Millions of Americans are in exactly the same place, so take heart and do not give up on the potential for either saving your home, or lessening the impact it will have on your life. Read on for some ideas on how to get through these trying times.
Another option to help you save money on food is to buy in bulk. Keep an eye on the sales that your supermarket runs, and when items that your family uses go on sale, buy those items in quantity. Clip and use manufacturer's coupons to save even more, especially if your supermarket offers double coupon savings. Cereals, rice and beverages are some items that have a long shelf-life that you can store in your pantry. If you have a freezer, you can also buy meats and seafood when they are on sale. You may find it worthwhile to join a warehouse club, such as Costco or Sam's Club. You must pay an annual membership fee to shop in these warehouse stores, but they sell many food items in bulk at prices that can save you money. However, it is important to know your prices, because sometimes it is still cheaper to buy your groceries at the supermarket when they are on sale. Also, you must be sure that you will be able to use the items you buy before the expiration date. You will not save money if you buy a commercial-size jar of mayonnaise and you wind up throwing half of it in the trash because it goes bad before you have a chance to use it.
If your debt is excessive and the options do not appear to be in your favor, do not hesitate to exercise the right of every American to have a "clean slate" through bankruptcy proceedings. It can be the best decision you ever made, allowing you to start fresh and get on with your life. Just remember to find a new place to live, and get any credit or resources you will need to survive, before the bankruptcy appears on your record.
The most basic requirement for filing Chapter 7 is simple residency. You have to live in the United States or at least own property in the country. Because it is the broadest form of bankruptcy available to US citizens, the requirements are minimal. This has changed in recent years, though. Chapter 7 bankruptcy was seriously affected by the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) enacted in 2005.
If you file successfully for Chapter 7 bankruptcy, you need to be aware that most of your assets will be liquidated in order to service your debts. The 2005 reforms made Chapter 7 much more strict about how much personal property you can protect from liquidation. Additionally, be prepared for the fact that certain types of debt (including child support and student loan payments) cannot be discharged when you file for bankruptcy.
Whether you grow your own food, buy produce from local farmers or buy in bulk from your supermarket or warehouse club, learn how to preserve your foods. Canning and freezing your fruits and vegetables can allow you to buy fresh produce at a low cost when it is in season and enjoy it all year long.
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