Tptacek is right that your prospects may be slim if the company is truly on the verge of bankruptcy. But if it's treading water, or up-trending, or captures a new opportunity or investment in the near future, your odds go way up.

So be sure to communicate that you still expect to be paid, and keep documentation on the amount owed -- ideally also a confirmation from them of the amounts. Making an official complaint to state employment authorities should be a consideration -- but one you neither rush to nor wait too long to pursue. Ask an employment lawyer about your rights and any deadlines for asserting them that may apply.

So my overall suggestion would be: (2), with increasingly aggressive nagging that gets them on the record with excuses/acknowledgments, and makes them realize you'll eventually go (1), so they might as well pay you as soon as they can.

I'd also be open to a settlement for less, but not be first to mention the possibility. If their fortunes improve, and you then assert your legal rights before they expire, you might get the original amount plus penalties/interest. So you have leverage unless it's a blood-from-a-stone situation.