Lost, take a look at this site
http://www.insolvency.gov.uk/
It will tell you all you need to know about bankruptcy.
You won't lose your furniture unless you happen to have any antiques! Your car should be safe as it is not going to be worh a great deal.
You may be expected to pay for three years - if you have disposable income of over £100 then you are expected to pay 70% of that across. If you get any pay rises then you may have to pay some of that across.
If you have any equity in your home, then you could lose it.
Speak to your IP for a payment break to see if your wife is able to get another job. It seems a shame to let your IVA fail when it is so far down the line.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk