What can be seized? How? When?

Hello forum,

I graduated about two years ago (with BC student loans; about $13,000), and left shortly after for romping abroad. With no address of my own letters from the NSLSC piled up at my mum's place, as I discovered when I recently returned to Canada. Employment was spotty for the two years I was away; I supported myself otherwise on the little savings that I had and hitchhiking/squatting/dumpster diving. I haven't been able to land a steady job since returning and don't know when that may change (try as I have). Of course, my student loans have now been defaulted on, and calling the BC and federal collection agency my account is now with collections agencies.

Talking with the representatives on the phone they mentioned seizing assets and taking money from my bank accounts. All I really have is a little bit of that savings (in an account not associated with the student loans other than being mine) and a car that I drove back from Guatemala in (long story) that's in my name but hasn't yet been registered in Canada (not a valuable car, mind you; a 1986 Tercel).

At this point I'm mostly living out of my car (and otherwise couch surfing with friends and family) and nibbling those savings away, so the prospect that I would lose either is terrifying. What I want to know is what powers do collections agencies or government institutions have in seizing these meagre assets I retain, and what notice would I be given? Could I try to withdraw money from my account one day only to find it empty? If I try to register my car with ICBC will that put it in the sights of the collection agency?

Any and all information is greatly appreciated; thank you!