Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Debt consolidation companies can be useful, but they can hurt your credit rating just as much as a bankruptcy. They will also be in your life for four years, or the life of the "plan". It has been my experience that even after doing debt consolidation, hat bankruptcy is still something people have to consider.
Make sure your company is reputable, check them out thoroughly. If what they are telling you doesn't make sense or is too good to be true, go forward with cautious optimism. These companies can help people, and often have, but they are also in it to make money for THEM.
I would consult with a bankruptcy attorney befoe agreeing to anything to go over all your options.
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