It costs £510 each to go bankrupt and a lot more for your IP to petition against you.
85% loan to value is a reasonable figure to use for a forced sale but even that may not be achievable and when the market is better that figure would be too low. If you are offering a full and final settlement have the property valued and obtain a redemption figure from your mortgage company. This will show the equity situation and make it easier for your IP to recommend the settlement and for creditors to accept it.
