Hi - thanks for looking me up again.
1. Is the plan I just described workable and legal?
Yes, what you've described is legal and it is do-able IF the creditors will cooperate with you. USUALLY, unsecured creditors (like credit card companies) will negotiate and settle because they know that if bankruptcy is filed, nothing will be recovered.
2. If I just go ahead and pay each credit card company 50% of the 30k, what can they do to me about the rest of the money I owe them?
UNLESS you have a settlement agreement with each creditor, even if you pay 1/2 of the amount due to each, they can still sue you for the remaining balance. Thus, you should try to reach a settlement and have an agreement in place before paying them (if the payment is less than the full amount due).
3. How long can they come after me for the balance and can they garnish wages?
The statute of limitations for an open account (credit card account) is 4 years from the date of the last charge or last payment, whichever is latest. Once the 4 years pass by, the debt would be uncollectible. BUT, it's likely that they would sue before that point.
As for wage garnishment, yes the creditor can do this AFTER it obtains a judgment against you. Here's a good link about this: http://www.nolo.com/legal-encyclopedia/michigan-wage-garnishment-law.html