The court can suspend a possession order where you can show that you can afford to pay the full mortgage and clear the mortgage either in a lump sum or by instalments. The bottom line is that you must show that you can clear the arrears within the remaining term (there is a helpful case called Cheltenham & Gloucester BS v Norgan. Alternatively the court can make a long possession order to give you time to sell where there is sufficient equity in the property to cover all the charges and the costs of sale(56 days mininum, but longer periods, perhaps up to a year, are possible. You will need to convince the court that you are genuinely attempting to sell the property - useful evidence includes a letter from the estate agent and a letter from your solicitor regarding conveyancing. If you have an offer by the date of the hearing, bring documentary evidence if possible but you can always give oral evidence at court.(posted 8730 days ago)Going bankrupt won't hinder the possession hearing - secured lenders are entitled to continue with enforcement after bankruptcy to realise their security.
You probably also need advice about rehousing and more about bankruptcy and your other debts. Contact your local Citizens Advice Bureau for further advice.