Credit Question

Hi,
I'm hoping someone could help with some advice regarding my situation. I'm a homeowner who invested in 2 rental properties during the height of the market. Since then because of the subsequent housing bust, both my properties are underwater, and me and my wife have basically maxxed out all our credit (about $50,000) trying to keep the mortgages paid. Rentals have been slow and infrequent, and we've fallen behind on payments, and one property is at the beginning of the foreclosure process. We've had both units on the market for almost 2 years and have lowered the prices where we've lost all equity, but would be able to pay off the note, but both remain unsold. I want to know how much of a difference there would be to our credit if we let both units be foreclosed and try to get them off our balance sheet, versus going through personal bankruptcy, and losing the units and eliminating much of our consumer debt. I've felt that with these later payments and possible foreclosure(s), we're just delaying the inevitable, and would get a fresh start through bankruptcy. I make a good salary, but every month I have to pay 3 mortgages, and we don't have anything left over to live properly. Any advice on bankrtuptcy vs. foreclosure (impact on credit reporting) would be very helpful, thanks.