Brankrupty?

I called a couple debt management places and they said they could lower my payments to $268. a month buti have to make at least 800. dollars a month. i only make 400. They said i would have them payed off by 2013. But they told me bankruptcy was an optioin. i dont know anything about bankruptcy so please explain everything you know. will it effect me getting student loans? a house? im only 21 and have a year and half to i graduate.