You had considered all alternatives, there is no way you are able to fulfill your financial obligation, the only way out is file a bankruptcy.

How ?

Filling bankruptcy is not an easy task, it involves a lot of effort and time. If it is not done properly and professionally, it may affect the rest of your life. You are always advice to seek professional help in filling a bankruptcy.

In general, you may file bankruptcy under chapter 7 or chapter 13 depending on your debts category as well as your income bracket. Chapter 7 generally help you to get rid of all debts except study loan and taxes where Chapter 13 does not erase all your debts, instead it re-structure all your debts and provide you a breathing space so that you can repay your debts with new installment scheme.

No matter you are filling under Chapter 7 or Chapter 13, the implication on your future credit rating is still the same – it is still BAD.

Please do consider others alternative if you can. If the only way out is file a bankruptcy, please seek advice from professional.