1. Nina graduated from university in 2021 with a large tuition loan but was excited to have landed a very lucrative job with Microsoft. Despite the great salary, she was terrible at managing her money. She continuously overspent her paycheque. She even bought a Tesla, which she could barely afford. Instead of trying to gain control, she made things worse by continuing to buy. She decided to file for bankruptcy as she fell behind on all her loans, and credit cards. To make matters worse, she lost her job at Microsoft and could no longer make any payments. Nina transferred her Tesla to her sister just before filing for bankruptcy. Which statements are true?

1. Nina gets to keep two credit cards but must return the other six credit cards.
2. In the event of declaring bankruptcy within seven years of ceasing to be a student, Nina must still pay back her student loan.
3. Nina’s creditors will be notified of her filing bankruptcy.
4. The Tesla transfer would be deemed avoid transaction as it occurred less than five years when made to a family member.
5. Nina gets to keep the Tesla as this would be her only mode of transportation to work when she gets a new job.

1. I, II, V
2. II, III, IV, V
3. II, III, IV
4. I, IV, V
5. All responses