Preheat the oven to 375 degrees F.
To prepare the meatloaf: Place bread into a bowl with milk or cream, allow to soak for several minutes. Grind beef and pork (if grinding yourself). You can also grind onions and garlic together with the meat. Prepare your vegetables. Place the ground beef, pork, milk-soaked bread, salt, black pepper, onions, garlic, eggs, Worcestershire sauce, and sweet red pepper in a large mixing bowl. Mix the ingredients with your hands, until well combined. Do not overwork the meat or it will result in a tough meatloaf.
Form two loaves about 10 inches long and 5 inches in diameter. Spread bacon strips, woven or simply side-by-side, making two 12 inch by 12 inch squares. Place the loaves on bacon squares, wrap up the loaves and turn them up side down. Place the loves on the cooling rack situated on top of the aluminum foil lined backing sheet, which will allow the fat from the meat to drain.
Transfer into the oven and bake for 45 minutes on top rack. After 45 minutes, remove from the oven, generously brush with the sauce and continue baking for another 20-30 minutes, until fully done and internal temperature in the middle of each meatloaf has reached 165F. Allow to sit for 10-15 minutes before serving. Pour the remaining warm sauce on top of the meatloaves, or serve on the side as a dipping sauce.
To make the sauce, combine all ingredients in a medium size saucepan. Bring mixture to a boil, reduce heat to simmer. Cook uncovered, stirring frequently, for about 45 minutes.