The amount you owe is not a lot in the sense it is more overwhelming to deal with. The effects of bankruptcy is a clean slate after things are wiped out. On the other hand finding creditors to work with you within the first few years maybe very difficult. Renting a place just as hard. Needing a new car? That maybe out of the question without a large down payment. There are also filing fees associated with filing for a bankruptcy that you will have to pay just to start the process. So look into your state's laws and guidelines to see how much that will be, do you have that much?
With the debt collectors, they can NOT garnish your checks without a court order. That means they have to take you to court and win. What you can do is send each creditor a certified validation letter. In that letter you ask them to prove the debt is yours, who the original creditor was, the original amount owed, and when they go the debt. I am not sure if it's 30 or 60 days from the time they receive the letter to gather the information up and mail it to you. In the letter you can tell them to stop calling you. It doesn't make the debt go away just gives you some silence for a while. Yes if the debt comes back as valid you will have to pay it. YET it gives you some time research your options, find ways to earn more money and to save money by cutting things out. Some places may not be prove the debt is valid and you're off the hook.
Your 30?
$5k may not be enough to go bankrupt over, I believe the average owe 1 1/2 year salary. Any alternative, payment plans, etc. would be getter, look at bankrupsy as a once in a lifetime get out jail card, that leaves a black mark for 10 years.
Con: 7 years bad luck. Pro: It gives you some breathing time to plan restitution and set up a budget.
I think it is a good option for someone in your situation but you must start saving and always have cash on hand to pay bills and for emergencies, etc.
