Your best bet is to initially speak to your Supervisor.
More on bankruptcy here:
Failing your IVA now might cause you more issues.
How long have you been in your IVA?
What assets do you have -Do you have assets to protect like a property which will be at risk in Bankruptcy?
You might have to pay contributions for 3 years depending on your income & expenditure.
Is your total debt less than £20,000? Do you own any assets, including your home? After essential expenses are you left with less than £50 a month ? Maybe a DRO would be in the running (similar to BR, but costs £90 with no ongoing payments).
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