This question has been answered in full elsewhere in our Q and A section, but it really comes down to whether there is equity in your property, or not.
If there is no equity, you will not lose the property provided you maintain mortgage payments. The Official Receiver will review the equity situation 27 months later and if the status is unchanged, his interest in the property will be withdrawn and it cannot be revisited at a later date.
If there is equity, it is a different matter and it might be best if you called us to provide more information. Such bankruptcies are not dealt with by the Official Receiver but are instead allocated to private Insolvency Practitioners. This would be your worst nightmare, as the charges involved in processing a bankruptcy involving property are quite extraordinary. It is infinitely more desirable to draw down equity on the property prior to any of this happening and we know how to do this, regardless of any poor credit rating.
Feel free to call us with any further questions or for bankruptcy help on 01425 600129 / 07479 739139 / 07894 481175