Sorry I deal with Scottish stuff and havent been online for a few days so apologies for delay.
First of all dont panic- and dont just decide on Bankruptcy till you have discussed all our options. I presume that as you are posting on the Scottish boards thats wher you live...
Bankruptcy is not easy in Scotland. You cannot file for your own Bankruptcy until a creditor takes you to Court and then serves you with a Charge for Payment of Money or a Statutory demand. This is the only way to prove that you are "apparently insolvent", and this can take years. Meanwhile you have creditors calling you etc and can be very strssfulw while you are waiting for this. There are new Bankruptcy laws on the way, but they arent in force yet (probably late 2006/07 before they become effective)
Now this may not be your only option.I would suggest that before you consider this drastic step, that you contact a free money advice agency in your area.
http://www.moneyadvicescotland.org.uk/d ... agency.php
Now you will notice that a lot of people on this board will suggest you contact Payplan or CCCS.These are excellent agencies, but I find they are more geared up for English clients, and dont discuss the full range of options for Scottish ones. If you contact the CAB-make sure you are dealing with a Money Advisor and NOT a volunteer.
On the home page of the link I gave you there is a financial statement there.I suggest you fill it out and work out what you have left to spend (called disposable Income) DO NOT INCLUDE PAYMENTS TO CREDITORS. This will help give you an idea what your options are.
Come back and post and let us know how you get on........