From Suze Orman (VIDEO)
If your home is in foreclosure, there is no reason to claim bankruptcy. When personal finance expertSuze Orman met with me on Mondays With Marlo, she explained that the government extended a law which states that even if you owe the bank any money, you won’t owe income tax on it. This will last until 2014, so Suze advised to avoid bankruptcy unless you have debt in other areas.