First of all, I do not think that an IVA is the best option for you. Individual Voluntary Arrangements are designed primarily to protect assets such as properties and businesses, and could be a very expensive remedy for you. You income is also probably not sufficient for such a course of action. The fact that you have reduced your hours will help your cause in declaring bankruptcy, as it is unlikely you’d have to pay anything in an Income Payments Agreement (a binding agreement between you and your trustee that you will make contributions towards your bankruptcy debts and costs for a maximum period of 3 years). As for your vehicle, from the information I have, it seems highly unlikely that it would be taken off you. As for buying a property, you would be in a position to take out a mortgage with selected lenders three years after the date of your bankruptcy discharge.
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