You may be looking into debt settlement as an alternative to bankruptcy but I must caution you to be careful. The debt settlement industry is rampant with scams and fraud. If the debt settlement office is legitimate, they can still only attempt to renegotiate your debt. It will probably not wipe out your debt. Plus, a debt settlement office can't protect you from your creditors.
Chapter 7 bankruptcy is a legitimate solution to credit card debt--and it can protect you from harassment or judgment from your creditors. It is at least worth a look. I actually wrote a book that I offer for free on Missouri bankruptcy. I encourage you to do some research.
James R. Brown
Castle Law Office of St. Louis, P.C.
500 N. Broadway, Suite 1400
St. Louis, MO 63102
www.CastleLaw.net www.twitter.com/James_CastleLaw www.facebook.com/CastleLaw The response given is not intended to create, nor does it create an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change.
First, although $10k is not much money to do it on, you could declare Chapter 7 bankruptcy, which would wipe it out.
If for some reason Chapter 7 wouldn't work, you could enter a 3-5 year Chapter 13 repayment plan in which you repay what you can.
There is also "informal bankruptcy" which is also known as default or "being a deadbeat" and for some it is a successful strategy, particularly if it is pursued as a strategy and not just willy-nilly. In some cases, you can then settle the debt for pennies on the dollar (most settlements are below 30% these days), or allow the statute of limitations to expire. This strategy can also fail, leaving you open to judgments, levies, garnishments and other problems.