Hi everyone,
Plz suggest me which is the best option to get out of debt.......?

Bankruptcy will totally destroy your credit. Consolidation will have very little effect and actually help your credit should you be able to make payments on time.

From personal experience, I had decided that bankruptcy was the only option, however when I sought the correct office where to file I got the best help I could have. I had been making regular payments but it just wasn't enough, it was just a time issue. I couldn't earn enough quick enough when a major creditor pulled in the balance of a huge bill. Thankfully with negotions through a third party and handing over control of my income, severe cost cutting with living expenses and sacrifices I am happy to say that currently I am now debt free. It's not easy and of course I don't have any assets, but I can move on from here. Slowly but surely. I was so glad that Bankruptcy was the option NOT to take. With consolidation, and a huge commitment it can be done. My credit rating is A1, should I wish to go down that path again.

Actually, this was my thought when I encountered a problem with my credit card debts. I had a very sensitive situation and had to quit my job, which made it difficult for me to pay my credit card debts. I opted to file for bankruptcy, but was advised to discuss my situation first with the credit card issuers, which I did. I was able to settle my account. The bank waived the penalties and extra charges and I amortized the remaining amount for two years. Thankfully, I now don't have any credit card debt. I always pay off my balance in full each month.

Decide about which one the best actually depend on your recent circumstances. Consolidation seems more affordable way to solve your problems, but are you ready to take effort and spend lot of money to handle it?

Otherwise, bankruptcy is not really mean end of the world for you. Declaring bankruptcy has certain advantages. Any legal proceedings that have been commenced must stop and creditors cannot commence any new ones. Generally speaking, any earnings after bankruptcy has been declared – wages and property – are then exempt to claims of pre-bankruptcy creditors. If you declare bankruptcy, you will usually still keep your house and car.