Own house in Ireland and the UK - bankrupty?

Hey,

I'm Irish and have been living and working in the UK since 2003.

I bought a house in Ireland at the height of the Irish property boom and the house that I bought is now worth 50%/60% of what I paid for it, therefore in massive negative equity. I also own a house in the UK with my wife which we bought last year.
With plummeting rents in Ireland and the mass departure of a generation of people, it is highly unlikely that I will be able to continue to rent my house out in Ireland and therefore I won't be able to afford to pay the mortgage on that house plus the mortgage on the house in the UK.
I am constantly throwing money into what seems like a black hole in Ireland and with property prices still falling I feel it would be best to cut my losses and run!

Is filing for bankruptcy an option for me? If I do so would my house in Ireland and the UK be reposessed? I earn £46k and my wife earns £36k and as we would like to start a family sooner rather than later we feel that with the house in Ireland in our lives we may never be able to afford to have children. What can I do? I am very stressed about the whole thing and don't know what to do! Should I just stick it out and keep pouring money into this bad investment or should I try to sell up and walk away with a large debt and nothing to show for it? Or file for bankruptcy?

Anyone been in this situation before and knows what to do?
Please help!