Through an IVA you will be able to retain more control over your affairs and assets – if you were to be made Bankrupt the Trustee may seize your assets including your equity in your property which you would then have to buy back or in some circumstances the property would be sold.
An IVA allows the individual to avoid the stigma of going bankrupt – a bankrupt cannot be a director of a company and in some professions you may lose your job as a result.
A bankruptcy would be advertised in a local newspaper.