Oh gosh, that's tough. Is there an option of being off work from early on? I don't know how the system works in the UK (I'm British but have had my kids over here) - I was able to get sick leave from 18 weeks (could have had from 16 weeks), on full pay. It means I can rest all day and only really get up and scurry round in the morning to get the boys ready for school and again when they come home. My DH has reduced his working hours for the next couple of months (it took a bit of a fight, but they couldn't actually refuse him in the end) so that he can drop the kids and pick them up every day, so that I don't need to do that either. I feel a bit useless, but I think this is the best chance I have of avoiding hospital, at least for as long as possible. I don't think the stitch is really risky in terms of losing the baby (apparently there is a very slight risk of miscarriage, but it is really slight) - my worries were more about tearing or an emergency c-section if I went into labout early. Since I did manage ok last time in the end, it didn't seem worth all the uncertainties. But it sounds like it might make more sense in your case.
I did try and do some reading in medical literature about cerclage and the pros and cons. I'm not completely sure I got it all right, but my understanding was that no one exactly knows what causes premature shortening of the cervix - in some cases, it's purely muscle weakness and then the stitch really helps. In other cases, there are other factors (stress, sport, standing a lot at work) that cause it to happen and then the stitch doesn't help as much as rest/bedrest does. My instincts is that I fall into the latter group, which influenced me deciding against the cerclage.
I really hope you can get some good advice and things go well for you! And if you do go into hospital, then I'm sure everyone will cope somehow. I worried a lot about my two-year-old, even after we went to my PIL - I couldn't take him out anywhere for two months, or cook for him or give him his bath or anything. But I don't think he remembers a thing about it, and he gets on so well with his brother. It wasn't a fun time, but it definitely doesn't seem to have had any long-term effects.
Fingers crossed for us both!