After seeing family file bankruptcy among others all I can say is that seek and take the advice of lawyer and NOT anyone who filed bankruptcy before 2005 when the bankruptcy laws changed-it's a lot tougher in many cases. The financial/housing collapse also changed the credit game as well. Heard stories of people who filed bankruptcy in 1990s having trouble getting a mortgage recently with a steady good paying job.
Also yes consider the different types of bankruptcies. Some states will automatically protect your primary residence, some don't.
I've also heard that if you wait a year and take a credit card even with a small limit like 200 dollars and buy something then take 6 months to pay it off that helps rebuild your credit. But be aware many insurance companies or even utilities run credit checks now a days depending on the state and utility.
One last thing, research the settlement game if you are advised to try and settle first. It's a nasty process especially if you really can't or won't settle. If you intend to settle and have resources lined up to settle a debt ok but if you just try to buy time that will make things worse.. You current and previous addresses might start receiving calls and mail looking for your where abouts as well.
It's a tough choice but I also understand the need to move on even if with a fresh but more restrictive start.
Good Luck!