A good rule of thumb may be only declare bankruptcy if the total debts are more than your annual salary.
Not including a mortgage (home).
If you don't have that much debt consider getting a book on how to get out of debt.
Or finding a non-profit credit councelling service that won't rip you off.
If you are considering bankruptcy stop by your library or bookstore.
You need to know everything, absolutely everything.
Plus, knowing information will save you time a a lawyers office, which can save money.
Also get a book on Credit and Debt Repair.
These books will teach you how to negotiate, settle, etc like a pro...