No, a consumer proposal and bankruptcy are not the same; they are two distinct legal processes under Canada's Bankruptcy and Insolvency Act that individuals can use to address serious debt problems. Consumer Proposal: A consumer proposal is an arrangement where you negotiate to pay creditors a percentage of what is owed to them, extend the time you have to pay off the debts, or both. This is done through a Licensed Insolvency Trustee who will present the proposal to the creditors. If the creditors accept the proposal, all of them are bound by its terms. A consumer proposal is an alternative to bankruptcy, allowing individuals to keep their assets while making more manageable payments.  Bankruptcy: Bankruptcy, on the other hand, is a legal process where a person who cannot pay their debts gives up their assets in exchange for erasing them. It's more drastic than a consumer proposal and can have more significant consequences for an individual's credit and financial future. It is typically seen as a last resort when other debt solutions, like a consumer proposal, aren't possible or sufficient to manage the debt. While both processes can provide relief from overwhelming debt, they do so in different ways and come with different consequences. It's important to consult with a financial advisor or a Licensed Insolvency Trustee to understand the best option based on individual financial circumstances.