Brian, you’ll get good advice here (as you can see), another source on this matter I highly recommend is Mish’s site.

http://globaleconomicanalysis.blogspot.com/
He has covered to the topic several times and looks at it in a purely business fashion.

Search the site for “strategic default” and “walking away” posts.

The remarks in his comments pages will probably be of great interest to you. He has some really smart members too.