[ReFuell]

...are the same thing, and if not, how they differ?

[nojam75]

They are similar situations, but foreclosure is specifically about a lender repossessing a mortgaged property from the borrower. A homeowner in foreclosure would not necessarily have to declare themselves bankrupt. A bankruptcy is a legal process in which a person declares themselves insolvent (unable to may their creditors). A person who declares bankruptcy could conceivably retain their mortgaged house if they continued to make loan payments.