Debt settlement vs bankruptcy – 7 Tips to choose the right option

i am in my 50s i don't own anything..i have about 25,000 in debt credit card and 11,000 debt on a car that will be reposed at any day. some cc company have called and i tried to settle and make payment on the settlement but now i am in debt with my checking account..i will never do auto debit again. because if the monies isn't there you will be paying nsf /od charges and that adds up fast i also owe state and federal.
i think bankruptcy is my only way ...i know the fed and state cannot be in the bankruptcy.
i know it last up to 10 yrs...i tried working a second job ...but i just wore myself out and was being less effective with my full time job...
do you have any suggestions?.

You can file bankruptcy in order to get rid of your debts. You will be able to get your debts discharged and can start your life afresh. I will suggest you to contact a bankruptcy attorney and discuss your situation with him. He will let you know which chapter of the bankruptcy filing will be well-suited for you.

if you file ch 13, you shouldnt lose anything... as far as paying back 100% of cc bills, you will not pay that, you will only pay a %. if you have any car that is not paid for, it will be included in the ch 13 repayment plan... 13 allows 3 to 5 years (depending on the amount being repaid) to pay.. a friend of mine recently filed ch 13 & had huge cc debt, and only repaid 1% of the total, and the balance of their car note was included in their monthly payment. i had another friend filed ch 13 about a year ago, same situation, and due to income and left over funds paid back 0% of their cc debt, only set up to pay car note thru ch 13.. every case is different...

I filed Ch 13 several years ago, and I paid every last one of my creditors the full amount I owed them. (Except Sears, which was dismissed from the ch 13 since they continued to hound me for payment).