Bankruptcy as a possible option:

Bankruptcy- There are two forms of personal bankruptcy, Chapter 7 & Chapter 13. Chapter 7  bankruptcy (Total liquidation) is where you walk away from your debt legally if you qualify. Under this plan you may lose property and other assets and should counsel with an attorney to make sure this is right for you.

The other form of bankruptcy is what’s known as the “wage earner plan” or Chapter 13, whereas the bankruptcy trustee is responsible for collecting monthly payments to repay the creditors included in the plan. This is usually done through wage garnishment. The amount paid back to the creditors is decided through the bankruptcy court.

Personally I feel you should try to avoid bankruptcy if at all possible. Bankruptcy should be reserved for the last option when no other method will work. When it comes to eliminating credit card debt, the solution I like the best is the debt settlement solution. The reason is it’s a win-win alternative solution to bankruptcy for you and the creditor. Again just beware of the companies that offer this service, some charge very high fees and not always do they get the job done.