Considering Bankruptcy

[broke+lost]

Over 54k in debt mainly due to interest making it impossible to pay it back. No assets bar a written off bought back car, so considering individual bankruptcy. Have been working mad hours for years trying to make a dent and now have had a big HMRC bill due to them giving jobs 2 and 3 the wrong codes. Health is declining and looking to drop jobs 2 and 3 so Bankruptcy is looking tempting to just bring this all to an end. Credit has been damaged. Job has confirmed its ok if I do it. Feels like Im missing something. Have spoken to Stepchange and they suggested IVA but 5-6 length seems far far worse.

[atticus]

Generally my view is that IVAs are best avoided. I can see your thinking here, which appears to make sense.

I have a lot of time and respect for Stepchange. I suggest that you go back and have a full discussion of all the options and possibilities with them. I wonder if there is something in the full examination of your circumstances that lead them to advise an IVA.