$40,000 debt, what are the solutions?

Hi there! You have taken the first step and that is asking for help. If you follow this link, you can get free counseling and that will help you make a decision.
https://www.debtconsolidationcare.com/free-consultation

Maybe you need some professional advice. The counselor will discuss about your debts in details and set up a payment plan that you will be able to afford. Your first preference should be to consolidate the debts. This will be good for your credit for the future. In case, you can afford the payment plan, debt settlement will be the next best option. This will be a dent on your credit because the future lenders will have the feeling that you were unable to make the payments in full. You have to negotiate with them for lower interest rates. But with the help of this program, you will come out of your existing debts. In case, if you are not able to afford any of the plans, bankruptcy will be the final resort. You will have to work hard in improving your credit later. It may take two years before you see some improvement. Talk to a consultant and know which one is the best move in your situation.

Even if I go to a counselor I need to know a little more about all these option and need to choose the better one.

Thanks for the reply, are there some ratios that can help me do some calculation. Someone told me about debt-income and debt-credit ratios, are these helpful indicators.

If you haven't, go ahead and sigh up for the fee counseling. They can help you decide what is best for you based on everything you give them.

You may want to sit down with pen and paper and write out everything that you bring home each month and how much you are paying out each month. Include everything, from groceries, car gas, entertainment, etc. You might want to call your creditors and see if they will work with you on payment arrangments. This is just something you can do until you talk to a counselor.