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I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.
I am so sorry that you have been having these difficulties. It certainly sounds like you are a candidate for a Chapter 7 bankruptcy. When your debts outstrip your assets and your ability to keep up a clean start is often warranted.
The advantages of Chapter 7 include the fact that it is quick. Usually the entire process take three to six months.
Once the process is complete you will be debt-free. There are some debts that are not normally dischargeable such as mortgages, car payments, certain recent taxes, and unpaid child support. Student loan debt is generally not dischargeable, BUT can be if you can prove hardship. All other debts (such as credit card debt, private loans, and other debt obligations are wiped out.
Once you are free of the debt you can start saving to rebuild your life rather than continuing to swim in the debt.
The bankruptcy stays on your credit report for seven years. After that your credit should recover.
Without knowing specifics about your debts and assets it is difficult to say what is the best course of action for you. That is a decision only you can make.
These resources are a good place to get started in determining whether filing Chapter 7 is good for you and will provide information on the process to get started:
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