Either you pay or you don't. If you don't pay, the creditors can sue you and attach any assets that are not protected under state laws called exemptions. I am not aware of any programs that banks have to allow you to defer payment of your credit card debt will incarcerated. Good luck and I hope this perspective helps!
I would think you're the perfect candidate to file for a bk!
File now, let your credit repair itself while in the pen, come out, apply for some cards (or apply while in the pen), and be prepared to start your life anew.
The above is general legal and business analysis. It is not "legal advise" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here. Please visit my web site: www.avanesianlaw.com for more information about my services.
Options are 1) continue to pay as obligated 2) pay under credit consolidation 3) negotiate a settlement 4) don't pay and deal with consequences as Counsel Bounce provided 5) file bankruptcy. Whether any of these options can work for you specifically will depend on more information about your financial situation: assets, income. A consultation with a bankruptcy attorney will include review of your personal financial situation to determine a course a action. I would assume that income is going to be zero, but who knows, maybe you have some interest/real estate income outside of wages. Are there assets that could be liquidated to setup a repayment plan or a propose a settlement? Most people don't for bankruptcy because they want to but because it simply is the best course of action under the circumstances.
I am not YOUR lawyer. You should not rely on answers to questions as legal advice. For legal advice you should contact a law firm for a consultation. Tokarska Law Center 185 West F Street #100, San Diego, CA 92101 (619) 285-1992 www.sdbankrupt.com Tokarska Law Center is a Federal Debt Relief Agency representing individuals and businesses in filing for bankrutpcy protection under the U.S. Bankrutpcy Code.