Sounds to me like it's pretty much time. Tom could answer much better than I could about legal matters although obviously he's a NY lawyer and your state laws are likely different in some respects.
As to all those finance charges, penalties and fees, remember everything is negotiable. Especially if you can play the bankruptcy card. Try to get them to waive everything but the original charges. I did that with my Macy's card when they stopped sending me an e-bill with no notification, then hit me with all the fees when they finally sent a paper bill. Got them to waive everything but the original purchases.
*MySmiley*
"Bustin' makes me feel good!"
Ghostbusters, by Ray Parker Jr.