Debt consolidation or Bankruptcy?

I have a foreclosure on my credit record already and I'm also in debt. Have not made payments on any of my credit cards for about 2 years. However, I'm considering going into a debt consolidating program in order to restore my credit, but this does not change the fact that I already have a foreclosure on me. Would it be better under my situation to try and consolidate even though I would still have to wait due to the foreclosure to restore and/or try and buy a house? or should I file for bk and start from scratch, since the waiting period is the same? Please help, very confused!!