Bankruptcy = getting ALL debts written off, especially SECURED ones like mortgages. It’s only the ‘good’ option if you’ve just got divorced, and your soon-to-be ex is gonna get the house. Ie. you’re going to squander the asset that will soon be hers anyway, because you’ve already ‘lost’ the house.
Walkaway = getting all UNSECURED debts written off, but it is assumed you’ll still carry on paying the secured debts. Eg. ditch all the credit cards, and keep your house up-to-date with payments.
The mortgage lender will protect you from being bankrupted by an unsecured creditor “trying it on”, because if they were to go ahead and pay to bankrupt you (unlikely to start with) then they’d try and get you to default the mortgage, and hand over to them what you used to pay to the mortgage lender. Ideally, your house will be in negative equity which adds increased protection, since the mortgage lender will NEVER allow some credit card firm to force a sale at a loss of THEIR asset, which you’ll of course promptly default the shortfall on, since house sale shortfalls actually flip over into unsecured debt after re-posession. Not good for them, and they’ll fight tooth and nail not to let unsecured creditors get a look in. 
Of course, the mortgage lender won’t wear that, thus they fight your corner for you without even being asked. 
The same applies to any attempt by an unsecured creditor to get the debt flipped over from unsecured to “secured on the property”. Plenty of mortgage contracts have the clause within them “You may not take second charges out on our asset without our express written consent”. I know mine does. 
Thus, despite the lies they tell you, walking away from unsecured debt does NOT result in you losing your house, can only “trick” you into a re-mortgage and can “lie” to you about the need to sell it to raise funds for them. Courts don’t grant “Charging Orders” upon houses unless they can be exercised in a reasonable time space. A never ending charge is thus theft from the mortgage lender whom you’re not in default with. It will be mitigated into a “you may re-possesss if enough equity appears within 6 years to both settle the mortgage claim, and the additional claim” which does mean some liability IF you have massive amounts of equity right now. My guess is if anyone did however, they wouldn’t be completely out of funds to the extent they’d be defaulting the credit cards in the first place - right?
On the other hand, if you DO go ahead and bankrupt yourself, then not only do you pay for it yourself, you run the risk of having any assets taken from you and put into the pot for disbursement. This would include not only the house, but any inheritances, windfalls, cars, and there’s even a risk of having your pension looted - should you have a good enough one worth looting! 
. But in the winter I too would prefer as its better then being stuck in watching crap tv. I had all the trying to get to sleep crap but you can’t because the neighbours won’t shut up.
