If you’re struggling to maintain minimum monthly debt payments or don’t see yourself ever getting out of debt on your own, you may consider filing a Bankruptcy. It is one option… but it’s not the FIRST option a Licensed Insolvency Trustee or LIT will recommend. Nor is it always the best option for dealing with your debt.

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.

The youth of today face a wide range of financial challenges that were mostly unheard of just a generation ago. The cost of rent, real estate, post secondary tuition and consumer products are all largely outpacing inflation. The thought of purchasing a home, paying off student loans or saving enough to retire comfortably seems increasingly out of reach.

This is another edition of the MNP 3 Minute Debt Break podcast. In this installment, we discuss the differences between Consumer Proposals and Bankruptcies.

The latest debt index finds almost half of households are not confident they’ll be able to cover all living and family expenses in the next 12 months without taking on more debt. In fact, the proportion of Canadians who report being insolvent and unable to pay their monthly bills and debt repayments remains at the highest level recorded since the Index was created in 2017. Half say they are more concerned about their ability to repay their debts...

The ongoing uncertainty and instability caused by the COVID-19 pandemic have many people concerned about their financial circumstances. But managing debt is something you should always be thinking about no matter what is happening around you in the world and even after the pandemic subsides.