Which one is the best

It depends on how much debt you have and if you are able to afford and debt consolidation program. It would be better to consolidate your debt. You can sign up for counseling through this website, and maybe that can help you decide. A debt settlement program would even be better than bankruptcy.

Bankruptcy will stay in your file for a period of 10 years as a negative remark. This means that you will have hard times in getting new credit at least in the initial two years. Based upon the recent payment history, the lenders will fix up the interest charges on your credit. But those who have filed for bankruptcy have been preferred less in the credit history unless the person has shown some unique and regular payment history

As always, consolidation is the best way out of all the programs and repairing your bad credit. This program has always been helpful to solve your debt related problems by combining all the bills into one payment. Creditors also lower the interest rates while you are using this service. The consultant will inform your creditors that you are using this program and thereafter will be willing to cut the late payment fees and any other financial charges. After all the accounts are paid in full, the creditors will report them to the bureaus with a positive note. After all the debts are paid, you will regain your financial worthiness and will bag the best financial deals in the credit industry.

If you compare consolidation with settlement, have a look at the thread below, you will get the option for repairing bad credit.

http://forums.debtcc.com/forums/comparison.html