need advice on charge offs

Thanks very much for your blog. I learned a lot from it. However, I have a uniquesituation where I can proceed in 3 ways....
I have 6 credit card charge offs that have occured in the past 2 years. I also havea citibank credit card just about to go that route too. The total I owe on the 7cards is about $120k (I am guessing of this amount, at least $40k-$50k is from thoseexcessive 25%- 30% interest rates which put me into this quandry). I get 20-30calls a day from collection agencies which I never pick up.
I definitely do not have the money to pay them all off and have resigned to thepoint of not really needing the good credit rating anymore (my assets are in mywife's name). However, just to consider the situation more, I can go through theseroutes:
1) Settle with the credit card for 30 to 50 cents on the dollar (borrowing fromparents) and save probably $70,000. Can I increase my credit rating this way? CanI get the Charge off designations off of my report sometime?
2) Arrange to pay close to 100% of the debt (also borrowing from parents) - willthat get my credit rating up significantly (I'm guessing it to be around 450 orless). Will the charge-off designations disappear?
3) Leave the debt alone. This is my current course - though I don't know for howlong. I am self employed and not worried about garnishments, own my house (in atrust). So even with judgments, they won't really affect me because I have no realassets (at least in my name).
Of course I would like to clean this up - but if it is not favorable to me in someway, I would just leave them as be. If I proceed through 1 or 2, would thecharge-off's disappear somehow?
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i would gofor number one if i couldthat way you would be done and your accounts will show zero balances.
number two you might be able to negotiate all the lates removed if you reopen and reafirm each accounts but it is the most to pay. number three you might end up with collections and possibly litigation number has the possibility to help your scoe the mostand number come in close secondnumber 3 leaves you open to all the world of collections and possible trouble later