Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Debt consolidation companies are available to debtors and for some people they work out great. However, there are a lot of clauses in the agreement that you need to make sure you understand. The payments sometimes are still hard for people to keep up with, and they have to file bankruptcy anyway. Further, debt consolidation hurts your credit report despite what they tell you. Bankruptcy actually makes your credit score go into the 700s, it is noted on your credit report for 10 years.
Its hard to advise you either way without seeing your entire financial picture. The best thing to do is get a consultation with a bankruptcy attorney in your area. They can advise you on your best course of action.