Some employments will not allow debt solutions, so you will need to check.
Your bank account can be temporarily frozen if you go for BR, until the official receiver is happy.
Both will trash your credit score and will impact on anyone you have joint finances / accounts with by association.
You do not have to tell your spouse -- but both are a big secret to keep -- so quite a strain !
and here for IVAs:
On the face of it, Bankruptcy would seem to be most appropriate to your circumstances but would need more information to be sure.
You may have to pay 3 years of contributions in Bankruptcy compared to the standard 5 years (where IVA protocol T&Cs are used).
Your credit rating is affected for 6 years in either process at present.
If the IVA goes wrong you could be back to square one and facing Bankruptcy.
You appear to have no assets to protect to warrant an IVA.
Windfalls will only vest in the year you are Bankrupt rather than 5 years i the 'standard' IVA.
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