I am a single parent and a student just finishing my studies. I have approx. $20,000 student loan, $5,000 in credit cards, $6,000 student line of credit with my dad as a co-singnor. My student line of credit consists of credit cards and a loan for my computer. Can anything I have bought with my credit cards or my computer be taken away? I have $5,000 in an investment account for my son. This is for his education. It is in his name, but I am the trustee. I don't know how long before I find a job. I have discussed my credit with the banks, they are not very helpful like people say they are.

What will happen if I declare bankruptcy? Or is there a better route to go? What is the OPD? I had a friend who used this route. I really don't want to declare bankruptcy. If my car is security,can it be taken away? Can they take my GST and my Child Tax credit? HELP!!

You have quite a complicated situation. The best thing to do is contact a Trustee to obtain an assessment of your situation.

In the meantime, OPD is a program where your creditors are paid 100% of their debt and it does cover student loans. As you are just finishing school, you should be on interest relief for your loan and this should give you some breathing room.

Only a secured creditor can seize assets so anything bought on a credit card can not be taken. As a cosigner your Dad will be held responsible for the debt if you can't pay it.

If you file bankruptcy, your GST credits will go to the Trustee but you will keep the Child tax Benefit.

To obtain a free assessment of your financial concerns, you should contact a Trustee in your area by looking in the yellow pages under "Bankruptcy".

If you have any further questions or want to come in for a free assessment to our office, please call or email me using the information below.

Shane Brenneis
(403) 298-1575
sbrenneis@collinsbarrow.com