Credit cards and personal loans settlement?

I have an outstanding loans with several banks. I am on instalment payment but at times, due to urgent financial needs, I cant make the instalment payments. Now I feel like declaring bankrupt myself. Can anyone please tell me what is the procedures, the costs incurred and the consequences.

Declaring bankrupt yourself should be the last resort. Bear in mind that Banks will come after you for payment if you lapse any payment, but suing you for bankruptcy petition is also their last resort. Since most banks are trying to avoid that, why should you declare yourself?
I used to have over $60,000 credit cards loans before. But i worked two jobs and cleared the debt within 2 years. You should try negotiate with the Banks again. Certain banks (especially foreginer Banks, such as Citi Bank) do offer great discount (up to 50%) for full settlement. Thus you should try to clear off these Banks outstanding first by composite full settlement when you got the fund, such as bonuses. This will help you to ease down on your monthly instalment.

I don't know the costs -- check with a bankruptcy attorney in your area. But here is a site that talks about the process and the different types of bankruptcy.

I would be careful with settlements, If you settle out $10000 dollars for $1200 you will have to report the total amount as earned income for the following year. Which means you will be screwed by Uncle Sam with taxes, I want to say its 30-35% tax on earned income, which means $3000-$3500.
I personally would not do that, bad credit can be wipe away within 7 years or sooner.

Read more here
http://credit-collection-agency.com