Jon, my situation is as follows:
I owe £50,000 in credit cards and loans for my business.
I guaranteed these debts.
I had a property development company which has now gone bust.
I own a property with a mortgage, but there is no equity left, and I am OK with losing it.
I am divorced and my children grown.
I am not working and only receive benefits.
I am considering bankruptcy and seeking advice.
On the surface what you have stated, and thanks for the detailed information, yes, bankruptcy is an option.
If you think you may find suitable work that pays what you require to live and pay the accounts, you could look at a Token Payment Plan for a period of time. This will not help with the mortgage, but it aids in managing the unsecured debts.
You also have to consider your age. If this is an issue in finding new work, it can make bankruptcy the better option. And bankruptcy is the quickest way out of debt, and does give you a fresh start.