I think 2 important questions to ask yourself are:
1. If you didn't file BK, how would you plan to get out of debt? That is, do you have alternatives?
2. If you file BK, how can you prevent from getting into the same place in the future? If you can do BK7 obviously it would wipe out your current debts and give you a fresh start, but it sounds like you didn't develop enough of a cushion on a 125k+ income to weather the change. Not being judgmental, as we've all been there for various reasons, but you need to be committed to a plan where you'll be better equipped to avoid whatever knocked you into the debt spiral in the future.
I would be careful about doing the means test yourself to calcuate if you qualify for BK7. I thought I qualified because my student loans at that time were over 2x more than my annual income and would count toward non-consumer debt. Turned out I had benefits from my job like health insurance, etc I didn't know had to be factored in, and I couldn't pass the means test and ended up going Chapter 13.
Also, be sure to look at all of your property and exemption limits.
Your best option is to talk to a bankruptcy attorney, although be aware they are probably going to recommend BK since that is their business. It's not their business to find alternative ways for you to get out of debt.
As for credit cards, there are many stories here of how people rebuilt their credit after BK, so it is definitely doable. But before thinking about future credit, commit yourself to a plan to get and stay solvent.
Good luck, and I hope it works out for you!
I would talk to a lawyer to make sure you qualify but chapter 7 was the BEST thing i could have done in my situation. I had a large car loan (dumbest thing i ever did) and alot of credit card debt. you will be able to get credit cards again but it will take some time for lenders to trust you again. The downside is finding an apartment/home that will rent to you after bankruptcy. I had a hard time finding a place to approve me but once i finally found somewhere then they just required automatic withdraw for the 1st year. My bankruptcy lawyer offered a payment plan so my bankruptcy costs reported as a loan to help build my credit through a company called bk billing. I started with a fingerhut fresh start acount and my monthly payments for a vacuum was around $12 month. 2 months after bankruptcy i was able to open a $200 secured discover card and after 8 months (of responsible use) it became unsecured with a $1800 limit. My only advice is if you do file bankruptcy make sure you make a plan to never get back in this situation again. right after i filed i received 1000 letters in the mail from car dealerships trying to offer me a car because they have some "bankruptcy program" with guaranteed approvals. the cars are tempting but i will never do that again because if something happens and i cant pay my note the banks are not forgiving. i made a plan to save money ( even if it was only $20 that month) and only spend what i have in my account. I also started a strict budget (envelope method) for myself and made sure i stayed on it. I hope this helps some. Good luck!
What is your current annual income right now that you will be filing on your 1040 and what state are you in. Are you a homeownwer also?
You will pass the means test at 40k a year. As of Nov '19 the amount is $51,388. There is no rush to get credit right after discharge. You'll want to wait up to 30 days after discharge to make sure all accounts IIB report a $0 balance. Then there will be a slight score increase. Thats when you can start to rebuild slowly. One by one with a few months in between apps. Keep us updated and we'll see you in the rebuild forum once your done and ready to get started. We'll be happy to help kick start your new life. good luck!