Quoted from pinballinreno:

Get lawyered up and File.
send a payment of $25 or whatever you can afford each month, in time they will just stop billing you, pretty weird but true.
Dont cut yourself short, you need money to live.
Relax, get rested and well, the amounts are so staggering no one expects you to pay it, this is a fact, they want to write it off.
Laugh every day, its important for well being.

Quoted from Radius118:

That doesn't apply to Chapter 7 or Chapter 11 bankruptcy.
It also does not apply to any type of "unsecured" debt - credits cards being the major type of unsecured debt most people hold.
However, you *will* get a W2-C for any debt that is secured - usually this applies to real property (real estate) - in the event of a write down/write off, forgiveness of a portion of the debt or whatever in the event of a short sale.
As for the OP... BK is the correct choice in this matter... There are lots of forums dedicated to bankruptcy discussions and I am sure there will be some recommendations for you for representation. Don't just go through the yellow pages. This is really important and complicated. If it gets screwed up YOU are the one paying the consequences. So do your due diligence in finding representation.