How to Get Out of Debt: 13 Expert-Backed Steps for Success

The recent financial recession has hit the U.S economy big-time. According to a recent report, close to forty five million U.S citizens are collecting food stamps. The United States Supplemental Nutrition Assistance Program (SNAP) is commonly referred to as the food stamp program. The Federal government, through this program, helps the low income people in the U.S. As the bankruptcy rates are soaring in the U.S, more and more people are turning to food stamps.

In Texas, close to 16% of the population is receiving food stamps. Unbelievable, isn’t it? During bankruptcy, the food stamp program can provide major support to a debtor. It can help him to provide nutritional food to the family as he looks for a jobs, tries to pay off remaining debts and attempts to get his financial condition back to normal. But you must know what it takes to be eligible for food stamps.

So here are the necessary details: If you are between 18-50 years of age and do not have a child then you can receive food stamps for three months in any three year period. However, there are exceptions. Pregnant women, disabled people, or individuals working for minimum twenty hours a week on job training are outside the above stated limitation.

The good news is that even if you are receiving food stamps, it would hurt your chances of filing bankruptcy or discharging debts. This can also be said about other federal programs like social security, Medicaid, section 8 which are aimed at benefiting marginalized people.

Both single and married people are eligible for food stamps. You can apply for food stamps even if you have a retirement account, bank account or a car. Many people who have filed bankruptcy, mistakenly believe that they are not eligible for food stamps simply because their earnings were high in the pre-bankruptcy days. Some people also liquidate their assets before applying for food stamps. These are misconceptions and you should know that you need not liquidate your assets before applying to government financial assistance programs.

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