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Is this deficiency judgment based on a mortgage that was used to purchase your residence (not a refinance)?
Sorry this took so long - I was called away.
With a deficiency judgment, the lender can garnish wages and bank accounts, and place liens on property. You can offer to pay a percentage of the judgment. The judgment holder will be more likely to accept a reduced amount if you are not working, and do have any property that the can attach. Additionally, judgment holders are more likely to accept 50% - 60% of the judgment amount.
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I am of the belief that debtors should file a Chapter 7 Bankruptcy whenever they have debts that are more then they can afford to pay. This is especially so, since creditors tend to make it impossible to pay the debts, because they add so much in late fees and interest to the original debts.