Is filing bankruptcy a good solution if I have 5 loans and can't pay the last installment loan on next payday?

Bankruptcy will hurt your credit score immensely, try to avoid it. You can rather contact your creditors and request them to extend the payment cycle.

Dear, bankruptcy should be the last resort to get rid of debt trouble. If you are going through a financial hardship, then request to the lender for a reduced amount or reduced interest rate.

Also, revisit your budget to eliminate every unnecessary expense to save as much as possible.

You can also sell your car or rent a portion of your house to get a good amount at a time. Thus you can pay off a major part pf your debt.

It is true that bankruptcy helps you to make a fresh financial start; but, at the same time, it usually makes your credit score drop to some extent. If required, talk to a financial adviser to decide whether to file bankruptcy or to try other debt relief options first.