If there is hope on the horizon, if there is a chance for recovery and for you to become whole again, then the bank will not hesitate to grab a knife and plunge it into your heart. If your bank senses anything that shows that you might have the financial means at some point in the future to repay part of that debt, then the bank will jump on it like hot fudge on a sundae.
The bank doesn't care about you or protecting your precious credit rating. So do everything you can to clue them into the harsh reality of your situation. Let them know that you have thought of bankruptcy. Most people think of bankruptcy for just a second and then try to shove the thought into the back of their head. But let your bank know that you have thought about bankruptcy. After all there is nothing that scares them more than bankruptcy. They know it allows you to walk away from your debt. It also makes them much more willing to negotiate with you. If you are on the brink of bankruptcy, then you've got a story the bank can listen to.
Do not be afraid to be truthful and tell that story.