Often, when people think of insolvency, they relate it directly to bankruptcy. This can be very deflating to those who find themselves struggling with debt, but want to avoid having to file for bankruptcy.

Credit is somewhat of an enchanted thing. It allows us the flexibility to make purchases ahead of when we would otherwise be able to afford them. Unfortunately for many when it comes to credit, the ‘trick’ often follows the ‘treat’.

With the Bank of Canada holding interest rates steady at 0.5 per cent, Canadians continue to feel confidant in excess spending, relying on credit as the national economy continues to struggle and many households are grappling with depleted income.

MNP's TAKE: As the price of oil continues to drag and Canadians from coast to coast face increased unemployment, many are turning to credit or high risk (which also means high interest) loans to carry them through what they hope to be a short-lived financial pinch.

Given today’s economic climate, thousands of families across Canada find themselves in a delicate balancing act between keeping up with financial necessities while trying to pay down ongoing debt.

MNP LTD Trustee Ian Schofield was interviewed by CTV News Regina to discuss the increase in insolvencies in Saskatchewan. Throughout the interview, Schofield highlights the fact that Saskatchewan is at its highest level of insolvency filings in four years.

Can income taxes owing to the Canada Revenue Agency be included in a bankruptcy?

What happens to income tax debt in bankruptcy?

If I file for bankruptcy, can I keep my car?

If I file a consumer proposal how long will I have to make payments?