Not necessarily. However, if there is equity in your house then this will need to be dealt with accordingly. An individual voluntary arrangement (‘IVA’) can allow you to keep your house in certain circumstances. However, if you are unable to pay your creditors in full by other means, it is likely that you, possibly via a third party, will be required to make a payment to your creditors in lieu of the value of your share of any equity in your house. Click here for further information.