I'm in negative equity, should I just walk away from my house?

A few years ago I tried going self employed but ended up borroewing 35k on top of my mortgage when I was re-mortgaging. So I borrowed 125k when all that was owed was 90k. At the time my house was worth around 200k but it's now worth around 110k max. Therefore I guess I'm now in negative equity. I'm really tempted to just walk away from this and declare myself bankrupt, meaning I'll be able to save the money I pay on my mortgage, insurance and all the other costs of living on your own. I really want to emmigrate but this house just feels like a burden I could do without. I can afford the re-payments ok but would like to be able to emmigrate next year and if I keep the house I don't think I'll be able to. Should I walk away or sit tight and see hoew the property market goes? I've also asked my bank if I could go interest only for a while but they declined, anyway I could maybe force their hand so I could rent my house out and when the market recovers I could sell then?