There are good books on this subject in your local library.
Nolo Press publications are excellent. Borrow their book on Bankruptcy, or read it at your local Borders type bookstore.
They are written for laymen and are all "Do it yourself" type books.
You have the right to send a letter to any credit card company/collection agency calling you , informing them that you forbid all telephone contact.
So if it does go to collections, you will not be hassled at all once you do this.
If it goes to collections, they could eventually take it to court and get an order to take the money from your bank account. So open mail from the collection/credit card companies so you can keep track of this.
You may have to not keep money in the bank, which is no big deal, just start paying bills with money orders from the market or po.
It used to be a snap to file bankruptcy and get the debt released in full, but new bankruptcy laws just went into effect.
Check "Nolo Press" on the net, they should have info and updates on their site.
If you are going to declare bankruptcy, max out everything first. But as I mentioned, that used to be the way to go, it may not be anymore with the new laws. Don't max out everything if they've made it impossible to release the debts in bankruptcy.
Bankruptcy is a venerable American tradition, and you will be joining the likes of Mark Twain, I think Edgar Allen Poe, and many other great men.
It's no big deal, and nothing to be ashamed of.
As I believe someone mentioned earlier in this thread, you should NOT be gambling in any way, shape, or form, while you have this situation.
Gambling on a negative br is NOT the way to go, now or ever.