Here is an article from The Huffington Post Canada comparing bankruptcy and consumer proposals. It does a nice job of showing pros and cons of each though I think a few things are a bit unclear.
For example – filing for bankruptcy or a consumer proposal can cover any shortfall on secured loans if you are willing to give up the asset.
One place where this comes up regularly is if you owe $50,000 on a vehicle that is worth $15,000 (maybe you carried forward debt from a previous vehicle) – if you give up the vehicle the debt is included in the bankruptcy or proposal.
Check out the article here and let me know if you have any questions.