I have a friend that went through similar hardships recently and from what they tell me, most of the problems they had were with what they 'imagined' the consequences of such a situation might be - such that for a good while they watched the situation worsen because they felt 'trapped'. You needn't worry though, you don't actually have to declare yourself bankrupt at all. There are avenues available in finance law that exist to help people in such circumstances to avoid going that far. You can set up a "voluntary arrangement" through an insolvency solicitor, and offer to pay your creditors what you can actually afford. I suggest you look at
www.insolvencyhelpline.co.uk and look into an "IVA". I think that website is Govt established, the Citizens Advice Beaureau would probably point you in the same direction.
Good luck and blue skies!
Clear_Prop