Is Debt Consolidation the same as Bankruptcy?

Is Debt Consolidation the same as Bankruptcy? This is a question I get asked all the time. When reading a credit bureau from a client that has consolidated, gone through Bankruptcy, or went through Orderly payment of debt, it may report to the bureau having the same impact on your credit. When future lenders look to grant credit they will still ask for a trustee letter(in car loan cases). When we hear about a Trustee being involved we can assume that this will only mean bankruptcy, but this is not the case. When a person goes through OPD or debt consolidation through an agency this agency is considered, for the lack of a better term, a Trustee. My point in this statement is to educate those looking to go Bankrupt, OPD, or consolidation, to be aware the all 3 may affect your credit in the same manor, although Bankruptcy may report under its own category on the credit bureau.

Just my 2 Cents

-M