Bankruptcy has a big affect on any credit that you may have.
There are good points and bad points.
If there is a different way out then it is better to take it, like refinance your debt and then pay it of the fastest way you can.
Either way you will have to deal with this one way or an other.
The things to remember are what you need.
SHELTER You need a place to live.
FOOD You need to eat.
HYDRO You need to keep the light on
PHONE You need a cheap phone line for emergency
TRANSPORTATION. and you need to get to work.
These 5 are the most important.