Hi tsol and welcome to the forum
An IVA is one option for you, but not the only one. did you pay off any of your debts with equity released from the house sale? If so, I hope you paid some to each creditor evently, to avoid effecting preferences in favour of one or more creditors.
Do you feel that you have the ability to make payments on a regular basis into an IVA for the next five years? These would need to be at a level of approximately £350 per month at lease, to ensure you were going to effect a minimum dividend, but of course would be based upon your actual circumstances so they could be higher.
It may be possible for you to retain one credit card for use in the business, but only if your other creditors accept this. This would not be possible under bankruptcy proceedings.
I suggest that you take proper specific advice from an insolvency practitioner as to all of the options which are available to you, who will be able to explain the advantages and disadvantages of each one.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
