Just stop paying your bills, and then negotiate a '20 cents on the dollar' payoff with any creditors. 'The 2008 Fire Sale on Homes, Cars, Boats and Everything Else,' as blessed by Congress and even some of the companies holding the secured and unsecured notes, themselves. C'mon. Don't be that sucker that actually pays the agreed upon, contractual price. Everyone's doing the 80% off thing.
Is that going to work, really? With credit cards you can't negotiate a payoff until after it goes to collections at which point paying them buys you nothing at all, it puts another mark on your history and restarts the seven years before your record is clean. It is all SO STUPID! The best route is always to just game the damned system... I might consider that with a rental but getting behind in payments and catching up is very costly if they won't negotiate...
My post was a generalized illustration, not to be technically followed, to convey my temerity with the state of our nation.
Read this about Texas - that's where the smart deadbeats are headed now. I now know why a developer who used to be huge just fled there: http://www.bloomberg.com/apps/news?pid=20601213&refer=home&sid=aI99ZTfd5KEo