Sometimes when you negotiate with creditors they realize, "Hey - this guy has some money", or they ask for proof of your assets, and you end up inspiring them to try to collect everything you owe rather than negotiating a discount. Once the statute of limitations has run, although the debt doesn't drop off of your credit report, the debt is no longer enforceable in court.
So... You could end up with new judgment debts which will remain on your credit report for a very long time. You could end up with a bankruptcy which will remain on your credit report for a very long time. Or it could be that most of these debts expire, leaving you a relative few to resolve in the event of litigation, resulting in a minimum of payouts and the fastest recovery for your credit. It's all somewhat speculative - we can't predict the future.

