Hopefully you'll be able to take advantage of some of the offers on the table and will be able to pull out of this.
About 7 years ago, I was very seriously considering bankruptcy. I even saw an attorney. But I decided to try to squeeze by one more month. Then another. Things sucked for awhile. Then they started sucking less.
I'm glad I held off on filing. I know how freaky it can be when the walls start tumbling. But unless you are on the verge of foreclosure, disconnection of utilities, etc, you might be better served to ride the storm out.