Negotiating Repayment of Debt or Bankruptcy?

Colorado-
Due to unemployment in Colorado, I now owe:
$28,000 in student loans (which I have defered at the moment), $16,000 to cards, $600 in utilities, and $2500 to friends. I know my student loans are non-dischargable and repaying my friends is my first priority. My parents are taking out equity on their house and are willing, if I pay the extra on the morgage, to take out extra to pay off my cards. I want to know the best way to negotiate lump-sum payment. I have read that you can settle for 50 to 75 cents on the dollar. Amex, one of my largest creditors, has already gone to a collection agency. With the added morgage payments, I will need to be sure that I can repay my credit card, utility and friends' debts in full; otherwise, I will have to consider bankruptcy. I will be able to get about $14,000 from my parents. This would mean that I have to negotiate for repayment of only 70% on my credit cards. Any suggestions? Thanks

I am a law school graduate. What I offer is mere information, not to be construed as forming an attorney client relationship.

Well, at least you can add.

Kidding. Okay, your best bet and the people who deal with this all the time: Consumer Credit Counseling Service.

Try one in your county. It is free.