BC and business debts

[RLaw2018]

Hi every one,
I had another account here few years ago and I haven't log back in for number of years after getting my ILR. So my previous account was blocked or I just forgot my user name. Here is my new account.
Just to introduce myself again. My partner and I got our ILR on around 2010 Feb and was granted DLR the year before that, through 14 years long residents. It was a very tough path due to lots of mishap and legal blunder. To cut it short, we have been here since 1995 and had valid visa for first 7 yrs. Then, missed the 7 years route while both kids were over 7 yrs old due to solicitor problem/fault. Then, missed another chance at 14th year because solicitor filled in wrong form which we ended up having DLR when we were here for over 15 years. Then, missed the chance of naturalization because fighting with the previous solicitor to get all document back, then new law was introduce, people liked us who had some form of illegal period cannot apply for BC after ILR. So, we have to wait till we have 10 years legal resident before applying for BC. That is, it will be just over a year from now on.
However, life is so tough and unlucky. When we were getting back on our own feet during last few years. We have job and a business which were running for number of years. Then, the economy downturn, the nearby shops closed down one by one last year. The shopping centre lost passing trade. Now, I am in debt with my shop landlord and considering a IVA. I am a sole trader with leasehold which debts will consider as personal debts. Why life is so cruel and unfortunate? Also, my landlords won't give in and sent bailiff out already. Although just settle a bit and bought some time to turnaround. I have a feeling that, I don't know if I can hold on for another year with this debts and keeping sticking to payment plan.
What should I do? Will business debts leading to IVA against my application?
I have got lots of advice about my debts but not sure which is the correct way?? Some said I should just walk away from my business and landlord won't get me into bankrupt because I don't have property.
Please share your thoughts and experience.
Thank you in advance.

[cyclina1]

Hi every one,
I had another account here few years ago and I haven't log back in for number of years after getting my ILR. So my previous account was blocked or I just forgot my user name. Here is my new account.
Just to introduce myself again. My partner and I got our ILR on around 2010 Feb and was granted DLR the year before that, through 14 years long residents. It was a very tough path due to lots of mishap and legal blunder. To cut it short, we have been here since 1995 and had valid visa for first 7 yrs. Then, missed the 7 years route while both kids were over 7 yrs old due to solicitor problem/fault. Then, missed another chance at 14th year because solicitor filled in wrong form which we ended up having DLR when we were here for over 15 years. Then, missed the chance of naturalization because fighting with the previous solicitor to get all document back, then new law was introduce, people liked us who had some form of illegal period cannot apply for BC after ILR. So, we have to wait till we have 10 years legal resident before applying for BC. That is, it will be just over a year from now on.
However, life is so tough and unlucky. When we were getting back on our own feet during last few years. We have job and a business which were running for number of years. Then, the economy downturn, the nearby shops closed down one by one last year. The shopping centre lost passing trade. Now, I am in debt with my shop landlord and considering a IVA. I am a sole trader with leasehold which debts will consider as personal debts. Why life is so cruel and unfortunate? Also, my landlords won't give in and sent bailiff out already. Although just settle a bit and bought some time to turnaround. I have a feeling that, I don't know if I can hold on for another year with this debts and keeping sticking to payment plan.
What should I do? Will business debts leading to IVA against my application?
I have got lots of advice about my debts but not sure which is the correct way?? Some said I should just walk away from my business and landlord won't get me into bankrupt because I don't have property.
Please share your thoughts and experience.
Thank you in advance.

One criteria of BC application is good character. IVA is an agreement of debt settlement with your creditor therefore you are still paying your debt with the way that both sides agree. So this would not affect your good character.

If unfortunately you fall into bankrupt, that means you legally declared that you cannot repay your debt and this will affect your BC application on the ground of good character.

[RLaw2018]

Thank you for your reply.
Should I go for Debt relief order instead?
Honestly, nothing to bankrupt. I have mixture of information about my business debts. However, my main concern is just citizenship.
I can start again somewhere with my business. My family have been working do hard in UK and try to make a living. It's just load of unfortunate happen one by one. I was thinking just to abandon UK life. Because I only have ILR and my kids are born and bred here with good life ahead here, both at university and going to work at NHS very soon, but don't want them to pay for my trouble with their hard working money.
My debt is only business debts, other just credit card, nothing major.