Credit Advice

Though people rarely want to hear it, depending on your income and your assets, bankruptcy may be the best situation for you. If you have over $6,000 in assets you don't want to part with, bankruptcy may not be a good option.

Your other choice is consolidation - but without knowing your incomes and other particulars, it's impossible to tell which is best for you in the long run. If you can afford to consolidate, this will have a much less negative effect on your credit report, and you can often get creditors to reduce either interest rates or total debt when you agree to a payment plan - especially if you use direct debits from a bank account (though I would stay away from "professional consolidation services" which often charge you for what you could do yourself and - to me - are often more like a scam).

Research Chapter 7 and Chapter 13 bankruptcies as well as debt consolidation, and see what fits you best.

Good luck!

FWIW, in 2002, I had @78,000 in debt (medical, CC, and other) - I filed Chapter 13 and though it remains on my record for another year and a half, I have built my credit over 700 again by being responsible ever since. The bankruptcy was a great relief to me, but I had no assets to speak of at the time, so it made sense for me.