Is it likely that they would find out? Whilst bankruptcy proceedings are publicly advertised, the actual advert is quite small, and unless your parents are avid readers of the legal notices section in the local paper, they are unlikely to be made aware of your situation.
However, if you really have decided that bankruptcy is not for you, you do have the right to put an IVA together, as there is no age limit, but do be sure that you can sustain payments for a five year period, especially if you have plans to retire during that time. I have quite a few older clients, and they are very happy to continue working and paying their IVA contributions.
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