Obviously the decision is yours, in bankruptcy you probably would not be able to keep a car worth 9,000K. bankruptcy would offer you an end to your debts, but it would bring the uncertanty regarding your homw, although there is no equity, eventually there might be. As well as the useful information on this site, there are some videos to watch on bankruptcy on
www.myvesta.org.uk. It is also important to consider that Bankruptcy also affects some professions. An IVA is a difficult choice also, not one to be taken lightly, I am sure you have read many of the other posts of peoples own experienes. 50p in £ is a good return on to your creditors, so may be worth a try. If it failed it may lead to bankruptcy anyway. One thing that I am sure of though is that you need address this situation sooner rather than later. I am not an expert just another person in debt.
I am sure one of the experts will advise you soon
Good luck and best wishes with whatever you decide
Keep posting, your experienes.
LILY