Buried in credit card debt

Credit counseling: This does not appear to be an option for you either, because you must be able to make a monthly payment over the next three to five years. Reputable credit counseling agencies will not take you as a client because you will be unable to keep up with the payments.

Default on the payments: The "stop paying and hope for the best option" does not usually work. This can also be called the "head-in-the-sand" approach. Unless you are over 65 years old, have no assets and limited income, one or more creditors will likely sue you. Having delinquency marks on your credit report followed by judgments will make it very difficult for you to re-establish positive credit.

Bankruptcy: Don't jump into this too soon. Some issues to consider before filing bankruptcy are how quickly you ran up the debt, and whether you have made cash advances or significant balance transfers, or if you've made big-item purchases -- like equipment for the business. While you likely will qualify for bankruptcy, you want to make sure that creditors are not going to claim that some of the debt ought not to be eliminated because you ran up the credit cards. An experienced bankruptcy attorney can assess your situation and uncover any potential problems with filing bankruptcy.