With bankruptcy your details will be advertised in the local press. With an IVA, they won't. With bankruptcy you may not be able to continue working in your present job. With an IVA your job will not be affected and your employer will not know of it. Once an IVA is approved then the people to whom you owe money are legally bound by the agreement. At the end of the IVA your obligations to your unsecured creditors are over. For some people, bankruptcy is the right option and The Debt People will always advise you if this is the case. Details of an IVA will be published on the insolvency register.