If not, then Calculate your “Debt-to-Income Ratio”. If over 35% consider bankruptcy. If under consider global settlement by offering a pro rata share of your payment amount or lump sum to all creditors.
Calculate the “Median Income for your Your Family Size”. If eligible for Chapter 7 tell all creditors in cease and desist letters when contacted or in a settlement letter. File Chapter 7 if sued. If not eligible for Chapter 7, evaluate Chapter 13. Be aware that even after all of these things are done, creditors’ counsel could still choose to sue you in which case interest, fees, and costs, would be added to the Judgment. There is risk in delaying resolving issues with creditors both in terms of having to eventually pay more, delinquent credit reporting to credit bureaus, and of being sued and a Judgment being entered (an even bigger negative than a delinquency). If you are struggling to pay your bills each month and are overwhelmed by debt, it is time to learn the truth about bankruptcy.