01/22/2013 11:23 am ET Updated Dec 06, 2017

If My Home Is In Foreclosure, Should I File For Bankruptcy? From Suze Orman (VIDEO)

If your home is in foreclosure, there is no reason to claim bankruptcy. When personal finance expert Suze 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.

To learn more about The Approved Card designed by Suze, click here.

For more advice on managing your money, see Suze's personal finance tips:

Suze Orman's Financial Advice

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