Yes bankruptcy is an option. However as both IVA's and bankruptcies are legal processes, you cannot do both. You would therefore need to speak with your Supervisor as he/she will need to produce a Certificate of Non Compliance allowing you to declare yourself bankrupt.
Hope this helps.
John Blackadder Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk.