The advantage of doing nothing is that it does not cost anything; the disadvantage is that it does not provide relief.  As a practical matter, this option is only useful for people who are judgment proof (they have no nonexempt assets or income) and can endure the burden of constant phone calls, lawsuits and ongoing legal proceedings.  

Extension of time  

Contact your creditors and seek an extension of time to pay their claims.  It is time consuming to contact each creditor. The success of an extension depends on voluntary cooperation and most creditors probably will not agree to quit charging interest. In addition, you must have an income stream sufficient to allow you to meet your ongoing business expenses and retire the debts over time.  

Compromise           

A debt compromise, or composition, is an agreement in which the creditors agree to take a one time partial payment in full satisfaction of the debt claim.  This will work only if you have a source of money to fund the proposal.  Even if you have the funds, each creditor must voluntarily agree to the settlement and one or two "holdouts" may kill the deal. The portion of debt that is forgiven in a compromise may be taxable to you as discharge of indebtedness income, which may preclude any realistic consideration of this alternative.  

Workout Agreement

A workout agreement is a hybrid of the extension and composition options. In a workout arrangement, creditors agree in writing to take a partial payment on the debt over time.  A workout may involve other terms as well and is limited by the imagination of the parties, basic contract law, and the need for consensual agreement.