Over $125,000 in credit card debt. File bankruptcy or pay off slowly?

I was laid off in August of 2009. I still have not secured employment. I had stellar credit until October of 2009 when all my savings were depleted to keep up with my bills. I have over $125,000 in credit card debt as the late fees etc. have been adding up monthly. My credit score was at 720 before October of 09. I'm guessing it is now in the 400's. No payments have been made on any of my credit cards since October 09. Should I file bankruptcy or just keep postponing any payments until I secure employment? I feel that my credit is ruined for life anyways, so why bother stressing out and paying it off. I'm confused as to what to do. Thanks.