Is bankruptcy my only option?

[lotsahats]

What are the odds of...waiting out the Statute of Limitations? My guess is, not too good, since, it's six years in my state. I moved here four years ago. Where I lived previously, it's only three years.

[keepsmiling]

It depends. There just isn't any telling.
Just fyi, I just got settlement offers for 13%. Over a year since the last payment. Just mentioning, not suggesting anything one way or the other. It probably helps that we are self employed with no attachable assets, so a garnishment would be difficult.

[LadyInTheRed]

On second thought, I think if I did that, I would be begging for an AP. Best to just file Chapter 7, and get it discharged.

On what basis do you think they'd file an AP? There is nothing wrong with trying to settle a debt before filing BK. If you settle with one but not the other, the trustee may go after what you paid to the creditor who settled, but that won't affect you.

I think your strategy of saving, trying to settle with the cc's and using the money to file BK if you can't settle is a good one.