There’s a persistent misconception about Bankruptcy which keeps people from taking the first step. Let’s see if we can debunk some of these here.

The warning signs of personal financial trouble are everywhere. Knowing what they are and how to recognize them can be the difference between quickly recovering from one or two bad months and being trapped in a months or years-long battle with debt.

Is it difficult to declare bankruptcy? The short answer is… no. However, there are a few things you should know before you consider bankruptcy as a debt management resource.

Many people are concerned about their credit rating. After all, this may determine whether you qualify for a mortgage or a car loan — and possibly even whether you get the apartment you’ve applied to lease.

Children and teenagers need better financial literacy training. That is a point everyone can agree on. Consensus is lacking, however, around just who should be providing it.

When applying for credit, most people believe they must accept whatever interest rate a lender is willing to give them. But that’s not always the case. Beyond shopping around for competitive rates, it never hurts to ask whether a lender is flexible on interest rates.

Everyone has different interpretations of what is reasonable when it comes to budgeting and debt. Disagreements around spending priorities, what the household can afford, and long-term financial goals is a leading source of relationship conflict and, perhaps not surprisingly the top cause of divorce in Canada.

The quarterly poll conducted by Ipsos on behalf of MNP LTD, finds almost half of households (45%, +6) are not confident they’ll be able to cover all living and family expenses in the next 12 months without taking on more debt.

This question comes up a lot, but it’s a difficult one to answer. While everyone loves a good benchmark, there’s never a clear-cut answer for how much debt is too much for any individual.