Hi,
I'm so sorry that you're going through a difficult time.
Declaring bankruptcy is pretty much the final option when going through a difficult financial situation. I would do anything in my power to avoid it at all costs, I know we were once at that point. We chose to work hard at paying off our debts (which is difficult in itself as well as trying to live) and we're only a few weeks away from the final payment.

The small amount I do know about it is, you won't be able to get a loan for at least 7 years. I'm not 100% certain of this, however I'm pretty sure there is a chance any assets you do own (paying off or fully own) could be used to pay back the creditors.

I know it seems like an easy option, however the long term affects will be with you for some time.

Check out simplesavings website, there are heaps of good ideas re: saving money.

I wish you all the best.