Need direction on debt relief

[debtfree]

Hi,

My wife and I have accrued roughly $77,000 in unsecured credit card debt over the past 7 years which helped pay for education, home repairs and as a safety blanket).

Debt breakdown is as follows:
Card #1: $20,300 @ 9.9%, month pay of $370
Card #2: $22,000 @ 9%, month pay of $380
Card #3: $14,000 @ 15%, month pay of $315
Card #4: $18,000 @ 8%, month pay of $380
Card #5: $3,200 @ 11.25%, month pay of $70
Total Credit Card Mininum Payments: $1,515

We also have not used our cards for almost 2 years so we learned to live without them.

The good news, we modified our mortgage using the governement home retention program saving close to $1500 / month than original loan rate.
($3600/mo down to $2180 / mo).

I work and gross between $83,000 and $105,000 (high end is depending on bonuses), my wife does not work as she is a stay at home mom for our 5, 3, and 1 year old. Take home about $5000 / month.

We literally live check to check with our cost of living so high in our state and have been debating credit consolidation or even bankruptcy.

My wife and both have 30 year level term life insurance policies (1 million for me and 500k for her) and we are both 33 years old.
My credit score is 720 and would love to keep it high BUT this debt hanging over our heads is putting a strain on our lives.

Any suggestions?

[debtfree]

also failed to mention:
1) we have no savings.
2) about $28k in a traditional IRA
3) own 2 cars outright (valued total of ~$25k)

thinking more after reading this site more that 'pay for delete' letters to each creditor could be an option, but at what % of debt do they take such an offer seriously? Granted it would make more sense to do one letter first to one creditor and then if needed do the rest later if needed and if I had monies to offer a settlement obviously.