How long do I have to respond? Is it 30 or 40 days? What form to I use to respond to the summons? Is it better for us to file bankruptcy?

Your first question is were you validly served. If you found papers on your stoop and had no contact with anyone, then no. However, you may find yourself subject to a default judgment if you do not act and the court believes whatever evidence of service is presented by the process server. Conversely, if you were at the door or window and answered through it or were recognized but refused to address the person, that's another story regarding service. The time you have to respond will be stated on the summons, typically twenty days, though sometimes there are other time periods permissible under the law. If there is a judgment entered against you, the prevailing party can then attempt to collect the base judgment amount, court costs, and attorney fees, including future court costs and attorney fees when and as approved by the court. A judgment can be renewed at the five year mark and remain a valid judgment. If you have no non-exempt assets, the judgment will exist but will be uncollectable, unless your status changes some day in the future. If you have non-exempt assets, whether property or income, the creditor can seek those non-exempt assets. If you have multiple debts and minimal assets, you might wish to consult with an attorney in your area who provides representation for bankruptcy proceedings.