I have after 2 years of being on debt management with my husband to try to get our debts down, current standing £95000 we have tried to get onto a IVA but stil can not afford it.

We have now decided to go down the bankruptcy route, but we need more information on this as our heads are so full of conflicting information.  I have been told that as we own our home we currently owe £117K but the house is only worth £90K i was told we would each have to pay £500 to file for bankruptcy and then pay £1 to buy back the negative equity and then we can still keep our home.  Is this correct? 

2 of our debts have gone to a second charge but we are not convincced they are actually a second charge as we seem to be missing paperwork.  Can we see what is a second charge throught the land registry?  If we can how do we do this.

Any information on bankruptcy would be appreciated.  We live in Consett, County Durham where would the bankruptcy hearing be heard and how long would it take to go through?