Let us know how you get on.
A DRO (have a look here https://www.citizensadvice.org.uk/debt- ... d-to-know/ ) will last around a year and will cost £90.
Both will trash your credit files for 6 years from the start date.
Do you have funds available to make regular contributions into an IVA?
Do you need to be the director of a Limited Company?
Most people tend to lean towards an IVA rather than BKY/DRO because they have assets they wish to protect that might be lost in Bankruptcy - usually a property, or they wish to continue to be a Director of a Ltd Company.
Here are a couple of my 60 second videos which might be of interest:
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