Is a debt management program the same as filing bankruptcy?

Absolutely not. A debt management program is a proactive step on your part to prevent having to file bankruptcy. It is a voluntary agreement with your creditors to structure a consistent repayment schedule in exchange for the reduction and/or elimination of interest and fees.

Bankruptcy is a proceeding in a federal court in which the assets of an individual experiencing financial difficulty are sold and the individual is relieved of further liability to their creditors. In addition, bankruptcy will stay on your credit report for at least seven years.