3. I'm currently facing bankruptcy. What steps should I take?

SUZE ORMAN: If you're currently facing bankruptcy, first of all, you have to know, should you be facing bankruptcy or not? Normally you claim bankruptcy, everybody. This is your guideline when you owe as much as you make. Please remember though, student loan debt is never dischargeable in bankruptcy in most cases so don't think if you have a lot of student loan debt, you're gonna get out of it that way.

However, wanna to claim bankruptcy...The way you have to do it if you qualify is you have to contact a nonprofit credit counseling service and just see do you qualify because not everybody qualifies to claim bankruptcy, whether you believe that one or not.

And you have to find out, do you meet this, what's called a "Means Test"? So, do you make less than the mean salary--the average salary--in the state that you live? You are gonna have to do things where you list your income and your debt.

Are you willing to give up your house? Are you willing to give up your car? These are decision you're gonna have to make. You should review your alternatives. There are always alternatives, everybody, when it comes to bankruptcy, and mostly you need to consult a bankruptcy attorney. This is not something that you should do on your own.