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I filed Chapter 7 with my demolition company/personal a few years ago.
I went down for just over 800K total.
if you do not have significant debt and you just want to lower your monthly outlay and you have no real assets , then I would suggest you consildate and or try to negotiate different terms of payback with your creditors.
if you have significant debt and are trying to keep some assets, or have NO foreseeable way to pay for these debts and feel you will have the ability to have some real assets in some time in the near future. then I would suggest you take the Bankruptcy route
as was mentioned before though, it is really quite painless and not hard to re establish your credit , everything in life is a negotiation process.
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