A buddy of mine was in a similar situation with a lot less debt. This is what he told me. To call a BBB Accredited Debt Settlement Company.  They can give you advice about your situation and if you even qualify for Debt Settlement. There are a lot bad apples in the industry as you read in the horror stories all over the internet.  Do your research and dont listen to the company that gives you the lowest payment or the best quote.  There are less then 40 legitamit companies currently operating in the industry.  Shoot me an email if you are interested, I can let you know the company he used. 

Barneytrizz@yahoo.com

Best of luck.