After discussion about a number of topics with a friend, he recommended offhand that I consider filing for bankruptcy, and after looking into some details about what actually occurs, I have a couple of questions that I could not find an answer to. My estimated debt is approximately $25,000 CAD.
From what I understand, filing for bankruptcy erases most debts (but not all) and prevents creditors from contacting you about said debts. It was stated that debts that were larger than a certain amount would be reported in the financial section of the local newspaper, but it did not state what the threshold is.
If I'm working while filing for bankruptcy, how does that affect the proceedings and my pay?
I know that the threshold for what can be kept after you file for bankruptcy approximately $31,000, is this also the minimum? Is my level of debt not severe enough to file for bankruptcy?
How does bankruptcy affect applying for student loans? I've heard that poor credit does not prevent access to student loans.
Thanks for reading, I appreciate any help on this matter.