Credit score algorithms are proprietary and therefore there's no way for sure to know how much of a hit your bankruptcy will be. There are FICO simulators, but, well, you have to pay to access them, and they aren't necessarily reliable. You are already aware that bankruptcy stays on your credit report for ten years.
Estimates at moneycrashers.com indicate your credit score will take a hit of between 160 and 220 points. Note that your credit report will also note the bankruptcy. Realistically, this means you won't have "good" credit until the bankruptcy falls off your credit report. Even if you do everything perfectly from now on, you aren't likely to see a score in the 700s for a decade.
Still, this may be a good option for you. Discharging that amount of debt will meaningfully affect your day to day life, I expect, and will give you a chance to build up good habits. As to whether it's a better option than settling, I'm afraid this is tough to say. Obviously, a settlement means you have to pay some amount of the debt. This article at thebalance indicates a settlement will affect your credit score by between 45 and 160 points, but doesn't indicate how long this will last. Other sites I've seen suggest perhaps six years, but it may be as long as 10 years, as you indicate. Note that the timer on the settlement starts once you've completed the settlement, not when you agree to the settlement. If you are paying, say, $10,000 a year for six years, the timer starts at the end of the six years.
This tends to indicate a settlement is a better option than a bankruptcy as far as your credit report is concerned. The obvious cost is, well, cost. You may be required to pay back a substantial proportion of your credit card bill.
You may wish to search for debt counselling services in your area. If possible, look for a service which does not make money off of your situation; a lot of services will charge you money or take a percentage of the value of your debt, meaning they may not have your best interests at heart.
Ten years seems like a long time. And, look, it is. But I screwed up my credit in my 20s. No bankruptcy, but lots of late bills. Now my credit report is impeccable and my credit score is well into the 800s. I had to educate myself, change my spending habits, and it look work and dedication. You're starting this process. You can get through it. It's really hard to start, but then the good habits just become second nature. :)