i suppose you are a freelancer, not an employee. 1. this debt shouldn't have accumulated in the first place. make sure it won't repeat itself 2. your update may

i suppose you are a freelancer, not an employee. 1. this debt shouldn't have accumulated in the first place. make sure it won't repeat itself 2. your update may resolve the liquidity crisis or it may not. case 1: it resolves the situation. you probably get paid? case 2: it won't. you loose a lot of money your bargaining chip is the update and you should use it as collateral. as one can easily misstep by impulsive action, you should get advice from a lawyer how to proceed to secure as much payment as possible. probably additionally implementing kind of a kill switch so your moneymaking update cannot be used after bankruptcy without your help/key. from my own experience: when we talk about bankruptcy it helps to act fast, so speed and options to pressure money from them help most. threats will just complicate the situation so please get a competent lawyer involved as soon as possible as you are entering a legal minefield; doing it yourself just guarantees higher risk to step onto a mine. good luck