Rakshas bro,
 filing for bankrupty is totally different that being depressed about future of yours in this country.
 if you want to file, just file..and dont listen to others. You could start repairing your credit image after three years. By law every record gets wiped out after seven years.
 think about it. If you want to succed in USA it will take you couple of years...at least you can save movey which you were ought to pay the credit companies . After few years you will have money you saved and probably a career to begin with. It takes time in USA bro...nothing is overnight!!!
   other thing..i am not sure how bad your credit situation is. If you have already tried consolidating and didnt work out then bankrupty migh be your option. But if its just that your stopped making payments and havent contacted third party agencies...then your should try to work out some sort of plans...
 cheers and  good luck