Bankruptcy, you're joking right? You're in your early 20's. Bankruptcy will pretty much kick you in the ass for the next 7+ years, avoid it like the plague!
Who did you go through for your student loans? I'm currently going through the whole financial aid thing, and I've never heard of anyone having a problem getting a low interest rate.
What expenses do you have that you can't pay the bill? If you're living at home, I'd keep it that way until you can pay off some debt.
As for your degree, you may think it's a waste of money, but for the most part, employers don't want to see ONLY what you know, they want to see that little piece of paper that shows you sat through 2-4+ years to get where you are now.
Opening up a garage is going to be a pretty big headache, as there's a lot more to it than just proving you can turn a wrench. There are some pretty big expenses when it comes to owning your own business, such as insurance, advertising, renting, utilities, etc.., depending on the type/location of said business.
Give it some more time with the job hunt, you're still young and need to build up experience. Try to broaden your horizons and get your foot in the door with a company you'd like to work for, and go from there.
Hopefully this helps.
Mark
