It depends on a whole raft of circumstances. Do you have any assets to protect (car, house, etc) ? Would BR impact on your job (some employers will accept an IVA but not BR? ? You would still probably have to make three years payments at a similar level than the IVA. The setting up of BR is far more intrusive than in an IVA and the OR can be more forceful and you will, at least for a time, be frozen out of your bank account. Many institutions, going forward, do look on BR more harshly than an IVA and your credit record will still be shot for the full 6 years.
Why are you contemplating the change ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
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
Your assets at risk of being repossessed and sold
Any windfalls received whilst BKPT will have to be paid into BKY estate unless and until total debts, interest and costs have been paid in full
Can't be a Director whilst Bankrupt
May have to pay contributions from income into Bankruptcy estate for 3 years
Credit Rating damaged for 6 years from start of BKY Order
Iva will have likely been an academic exercise as you will be starting again