I say if it is causing you this much stress and anxiety, and rebuilding would take ages and leave you with little or nothing while barely making a dent in the debt, then file. I attempted to rebuild for two years before I decided to file BK. My scores did improve, but the collection calls were still coming in, I still couldn't get prime cards or low rate financing, and my credit rating was stuck at fair (wouldn't budge after 640) even after all the progress I felt I'd made. Within two years of filling, my scores were already back to or better than where they were after my pre-BK rebuild. I got the same cards back PLUS better ones with much higher limits, was able to qualify for an auto loan with a single digit APR, and all the collection calls are a thing of the past. I can apply for financing without shame or fear, and I'm much more responsible this time around.
As said before, most individuals (myself included) tried to put a bandaid on a bullet wound prior to filing...and our only regret was not filing sooner.
It's a tough pill to swallow, but you'll likely sleep better, feel better, not worry about who's calling you, etc.
Speak to a few good attorneys since most initial consultations are free of charge. If you want to get the most accurate information possible, bring with you a written/printed list of all your monthly expenses and income, (2) most recent years tax returns, paystub (6 months worth if not same salary) since the 6 most recent months of income matter most, titles to all vehicles/boats, etc you own, list of all assets like jewelry/tools, etc, bank statements for the last couple months since the trustee (if filing immediately) will look to ensure no large non-payroll related deposits, make sure you haven't used credit cards for excessive purchases in the last 90 days (like a vacation to France, etc), make sure you haven't take out any cash advances on cards in the last 90 days, hopefully no new credit cards/loans recently...I could go on and on...long story short, the courts will scrutinize your every last financial move in the recent past. It's not something to worry about, because as long as you haven't intended to defraud anyone it should be a pretty easy process.
I'll add this...while I'm not an attorney, I have been through (like many others on here) what you're going through financially. There are some attorneys on here, and while they won't (and I don't think they can) admit it/promote their services, they are IMO pretty reliable sources of information. Ultimately, trust what a good local attorney you can hire tells you to do. It's in their best interest to get your debt discharged and a clean slate going forward.
Best of luck!
