I was terminated in Feb. 09 by my employer after almost 8 years. I'm now collecting unemployment. My wife makes approx. $25K / year.
I've been unsuccessful at finding a new job and I'm not optimistic I'll get anything anytime soon. Soon unemployment will run out and I will not be able to pay all of my bills - mainly credit card debt.
If credit card creditors are unwilling to work with me and I can no longer make payments to them, what are the possible legal implications beyond affecting my credit record? The debt is unsecured. I'm not sure if I should pursue bankruptcy or simply just stop paying the credit card companies (need to pay mortgage and other living expenses first).