Continuing with part 5 of our 5-part series on Bankruptcy 101, we now explore life after bankruptcy.

Will I lose my family allowance in bankruptcy?

With the Canadian economy verging on financial crisis, it's no surprise to learn thousands of Canadian households are struggling to keep up with the cost of living, on top of trying to stretch income from one debt payment to the next. In efforts of holding onto a few extra dollars, many Canadians are only paying the minimum required amount on the debt payments they are managing.

As the price of crude oil continues to depress, unemployment rates and overall financial security has followed suit throughout the prairies.

As the oil and gas industry continues to drag, thousands of Albertans are struggling through a period of significantly high unemployment. The province’s recession is not showing any signs of letting up as it leads thousands of consumers into financial instability and in many cases, insurmountable debt.

With interest rates parked at record lows, many Canadians have taken full advantage – splurging on low cost credit despite a stagnant economy.

Many people experience the difficulty of managing multiple debts and day-to-day expenses that can leave you feeling like you are barely getting by on a monthly basis.

Despite the fact that the Canadian economy continues to struggle and unemployment takes its toll on several provinces, low interest rates have encouraged many Manitobans to take on more debt – putting thousands of households at risk should rates increase.

With the Bank of Canada holding interest rates at record lows, a new poll conducted by Ipsos on behalf of MNP Ltd. shows that 31 per cent of Canadians anticipate taking advantage of the rates by increasing debt and consumer spending.

The third Monday in January was coined ‘Blue Monday’ as it’s earned a reputation as being the most depressing day of the year. For many Canadians already low on Vitamin D after braving months of a Canadian winter, having bills roll in from holiday expenses can feel overwhelming to say the least.