Hi Regina -
I'm sorry, but I think I got so caught up in the trust issue, I overlooked the other issues. Hopefully, the trust issue is covered in terms of it not being part of the bankruptcy because you don't have a vested interest. Instead, since your interest is contingent, it would not be part of your bankruptcy estate.
The only risk is if something were to happen to your father during your bankruptcy. It's unlikely, but possible nevertheless. That said, if he chooses to make a modification, it should only cost a few hundred dollars as his attorney that drafted the trust should be able to draft a simple codicil/amendment.
As for filing bankruptcy or just letting the debts go to collection, filing bankruptcy is generally the better choice. The main reason for this is that IF the debts go to collection and judgments are rendered against you, the creditors can cause you a lot of trouble - - they can garnish wages
, seize property, etc. But, if you file bankruptcy, these debts will be discharged and you won't have to worry about them any longer.