(1) Declare Bankruptcy?
"RALEIGH, N.C. ? The number of U.S. businesses and individuals declaring bankruptcy is rising with a vengeance amid the recession, despite a three-year-old federal law that made it much tougher for Americans to escape their debts, an Associated Press analysis found.
“There’s no end in sight,” said bankruptcy lawyer Bryan Elliott of Hickory, N.C., who is working seven days a week and scheduling prospective clients a month in advance. “To be doing this well and having this much business, it is depressing. It’s not a laugh-a-minute job.”
Nearly 1.2 million debtors filed for bankruptcy in the past 12 months, according to federal court records collected and analyzed by the AP. Last month, 130,831 sought bankruptcy protection ? an increase of 46 percent over March 2008 and 81 percent over the same month in 2007."
I can’t but many here could possibly.
(2) Abandon/sell your home?
"According to Merrill Lynch’s economist David Rosenberg:
“It would take over three years to achieve price stability (in housing) The problem is that prices do not begin to stabilize until we break below eight months’ supply ? and they tend to deflate 3% per quarter until that happens. So as impressive as it is that the builders have taken single-family starts below underlying sales, their efforts are just not sufficient to prevent real estate prices from falling further. In fact, even if the builders were to declare a moratorium immediately, that is, taking starts to zero, demand is so weak and the unsold inventory so intractable that it would now take over three years to achieve the holy grail of price stability in the residential real estate market.”
(3) Band Together with Like-Minded People?
My neighbors are all ‘fat cats’ who’d probably piss their pants and run away at the first sound of gunfire. This is one I have to work on.
More ideas, anyone?