I have a collector that is threatening garnishment if I do not give them my account information to set up a payments. what can i do? Bankruptcy?

If this is a collection on an open account, such as a charge card, then they won't be able to get a garnishment until they sue you, and go to court and get a judgment, which will take a few months at least.

I'd suggest sending them a money order for a reasonable payment (assuming you don't want to use a check and let them get the information from that), and keep doing it every month.  If they're getting payments, they are much less likely to go ahead with the lawsuit.