i think it would depend what situation you are in... do you own your own home or are you renting? can you see yourself being able to pay off the debt or is completely out of reality? do you plan to go overseas, will you ever need to get credit again in your lifetime? declaring bankruptcy, from what i understand, means that your name will go on a national database that is a public record that can be accessed by any person at any time, your name is on this indefinitely... i also think there are limitations on whether you can leave the country while bankrupt.

i wouldn't enter into it lightly and would try to get some professional advice before making any decisions...

i think if it were me and it was a few thousand dollars i would work on paying it off rather than doing something so drastic as declaring bankruptcy, which will have implications for years to come. of course if there is no way of paying it back then declaring bankruptcy could be a good soltution.

good luck.