Time out creditors!
The retail stores, the credit card companies were so anxious to get your business. Every store you visited offered 10% off if you applied for their credit card. Then, when you miss one payment, the rates jump up to 28% or higher. Now, the credit card company has sold the debt and a bill collector is calling you every day.
The good news is now is probably the best time to settle credit card debt in over 20 years. The creditors will accept an out-of-court settlement, but there are issues you need to know before you settle. How will settlement affect your credit rating? What if I settle some debts but not others? How much will the creditors settle for? (I've been doing this for 29 years so I know the best deal you can get, based upon your current credit rating and your circumstances).
Then, we work on re-building your credit.
Bankruptcy is only a final option if you are faced with bill collectors calling on a daily basis.