There are advantages and disadvantages to both. Filing bankruptcy should be your last choice. It will put a black mark on your credit that will last for 10 years. It will impede your ability to obtain financing for home and auto purchases, your ability to obtain credit cards. Today many employers also check your credit and you may not be able to land top paying jobs.
If you have a lot of credit card debt you may be feeling overwhelmed. You could be losing sleep trying to find some way to make all those payments without filing bankruptcy or being sued and facing garnishment of you hard earned wages which may even cause you to be fired. Yes, this is a very real problem as credit card companies and collection agencies will sue you and they will take everything they can get.
But there's something you can do about it. You can look into the services of debt consolidation service. They will negotiate a payment plan for you that will turn the burden of numerous credit card payments into one easy to make payment that fits into your budget. Most of these services are run by nonprofit organizations that will step in and act as a barrier between you and the credit card companies. They can reduce the balance on your loans by up to 50%. That could wipe out half of what you owe. They also can lower your interest rate and wipe out the fees charged against your account.
You could actually payoff your debt in 12 to 36 months without filing bankruptcy by using the debt consolidation service. You won't have a nasty black mark on your credit preventing you from buying the things you need. Those who have low FICO scores pay more interest than those with higher scores and this service will help you raise your FICO score sooner.
Start the process by using the internet to a debt consolidation service and signing up. It only takes a few minutes to fill in your name and the amount of debt you owe. The best part is it's absolutely free.