I owe an amount to credit-card companies that's so high that I could not possibly pay it off if I lived to be 200. I also owe money to banks via deficiency judgments on several short-sales. (No need to wonder how bad an investor I am. I already know.)

That I owe the money is not in dispute. If I am sued I will lose. And, yes, I know I can negotiate settlements. But, in case the creditors sue:

* Is it true that the creditors' only options after successfully suing me are to garnish bank accounts and paychecks, and/or put a lien on real estate I own?

* If so, what if I have no assets in any bank accounts, the real estate I own already has liens that exceed its value by far, and my paycheck is already being garnished to the maximum allowed by the law of the state in which I reside (Colorado)? Does bankruptcy offer any protections that I don't already have by being, well, a judgment-proof (or collection-proof) deadbeat?

Negotiating settlements is the right thing to do. I know that, and that is my intention. But knowing that I'm in a collection-proof position gives me more strength in negotiating, and that's really what I'm trying to determine.

Yet you have money you can sock away:

https://www.askmehelpdesk.com/banking/do-all-banks-require-ss-number-open-account-what-if-its-llc-tin-468290.html

Given this question, what's the truth here? Are you trying to hide money from your creditors or an ex spouse or are you just a deadbeat?

Bankruptcy will of course stop garnishments you currently have unless.

And of course the money you wish to hide in a corporation would have to be declared, since it does not belong to that corp, it is merely lent to them

Remember all debts and all money has to be reported