The term “Blue Monday” was coined by psychologist Cliff Arnall when he calculated the third Monday in January as the most depressing day of the year.

Are you wondering who to turn to when you need help with debt in Canada and your credit rating is too low to consolidate your debts?

All bankruptcies in Canada are administered through federal legislation called the Bankruptcy & Insolvency Act. If you file for bankruptcy in Manitoba, you do not have to file again in another province if you move. The bankrupcy is recognized across all provinces.

If you are struggling with rising debt, you may be looking for support or assistance to get your financial situation back on track. Bankruptcy is not the only solution for dealing with your outstanding debts.

Even with their debt concerns growing, Canadians appear to be reluctant to get help. A survey from MNP Debt revealed that only 14 per cent of Canadians who admit to being unable to pay their bills have sought professional help to deal with their debt.

While a corporation is intended, in part, to provide an individual with separation or protection from company debts, a personal director liability can be incurred on GST, PST and source deductions.

Financial struggles and high debt ratios are becoming more common among Canadians. Getting finances in order can be a very overwhelming task for many individuals. It is however, a very important task to tackle in light of increasing debt loads.

As thousands of households across the country continue to grapple with a struggling national economy and (for many) the aftermath of Alberta's energy sector crisis, it's not surprising to hear that consumer debt is soaring.

With a weakened economy, a struggling loonie and in some provinces, many facing the reality of under or unemployment, many Canadians are so financially stretched they aren’t sure how they will keep up with the day-to-day cost-of-living, let alone their debt repayments.

MNP LTD Trustee Doug Stuive was interviewed by Bankruptcy Canda Inc. , to discuss debt, bankruptcy and consumer proposals.