Urgent Help needed - what are our options

[phillips]

we own a bar which has not been the most successful venture. We are a family of 4 (myself, brother and my parents), we have debts with the bank for about 60k, 25k of this is borrowed against my parents house. How do we stand on going through a IVA - would my parents lose their home?.... their house is valued at about 190k and mortgage is for 75k, no money in my home and my brother has a joint mortgage with his girlfriend with about 50k. We are having to possible go through a forefieture of the lease also which is already going to be worrying. Can anyone help on what we should do and what the consquences will be?