Should I file bankruptcy

I do not have any credit cards but have about 12k worth of medical debt, most of which is in collections – I did not have insurance and was not eligible for assistance. Now a new friend has offered to help me either file bankruptcy or pay off my medical debt if I negotiate with them to lower it. What should I do? I thought if I filed bankruptcy I would be able to recover faster. Any suggestions would be helpful. Thanks.

Bankruptcy may be the immediate solution but that can prove unsafe in the long run. As bankruptcy stays on your credit report for 10 years so till then after that you would face difficulty in getting loan, purchasing or leasing anything as your credit score gets down due to filed for bankruptcy results in a 160-220 point deduction on their credit score and if a delinquent account is added to the individuals credit file, 70-120 points are subtracted. So after bankruptcy you have to build your credit from start.

Thus paying off debts would not be an immediate solution but it will be beneficial in long rung. If you are not able to manage your debts on your own there is the bills consolidation program provided by debt consolidation company in which all your bills are consolidated into one and you have to pay only one payment each monthly to the consolidation company which they in turn distribute among your creditors.

Here is the source of a debt consolidation company named http://ezconsolidation.com for you reference who provide bill consolidation plan