need help with a terrible financial situation?

[CZa Da PLZa]

i am 23yrs old from sydney, australia (male)...
i have too much debt on personal loans and credit cards reaching about $40,000
when i was 18 i got approved easy for loans and got the money and started spending, then after consolidating 3 times i am now on zero... i drive an $800 car and have no assets or investments...
i have been struggling so much, keep paying towards this loan that just keeps getting bigger and bigger...
i have never had a full time job, im only working casually here and there
i cant afford to pay my debts off
should i claim bankruptcy? what are my advantages and disadvantages? is there another option?!?
also i just did my tax returns last night and im expecting $3,000 in 3weeks, i was thinking of declaring bankruptcy after i get that money and leave that with me in cash at home...
i feel that now after all this financial struggle that i have been through i have learnt better ways to control my money but with this debt there i cant even afford to pay my rent or anything else... i have hit my all time low. i feel like the biggest loser.
if your asking where my money went, it went on cars, holidays, girls... basically living up my younger years.
i now wish to just start fresh as an adult and build myself up from here
this has been stressing me out for about 6months now and its just getting too depressing now, i have tried to pay this loan off so hard but because of no job stability it was just too hard
someone please advice me on what i should do?!?

 

[pick_my_brain]

Your local community centre should offer a Financial Adviser who can give you the proper advice that you need. This service is FREE. I hope it goes well for you.