With the type of liquidity you describe, and the age of the debts you indicate, my personal approach would be to try to negotiate payoffs with the creditors. Your credit is already in the toilet, but bankruptcy will put it deeper down the drain (and might not do that much to improve your situation, as most of your cash would likely still end up being applied to the debt).

There are some people who float through here who have a pretty good grounding on how to deal with creditors and collection agencies, so ideally one of them will chime in with ideas.