Years ago, I co-signed the car loan for my son's new car & both my name & his name ended up on the car title. The car's been paid off for over 4 years now.
Recently, he removed me from his title & left only his name. He did it as a precaution to protect his car which he's worked very hard to pay off.
But now I've learned that what he did is considered a "transfer of property" & that he should have removed my name long ago because property transfers shouldn't take place within 12 months of filing.
1) Can I be held responsible for this transfer if it was my son who did it? (He didn't realize it'd negatively affect my bk case)
2) I've never made one payment on the car & I can show proof that all payments came from his bank account. Will this be enough to show I'm not hiding assets?I should add that we both willingly signed the title when he first got the car. I signed the title just because I was a co-signer on his car loan but the car was his and he made all payments on it. I haven't yet filed chapter 7. Just recently my son removed me from the title at the local tag agency. He did this by himself. The car title said 'Jane Doe OR John Doe'. The "OR" in between our names means either one of us can make changes to the title or sell the car without needing the signature of the other. Therefore he didn't need my signature/permission to remove me from the title (and similarly, I could have removed him from the title without his signature/permission). If there would have been an "AND" between our names then yes he would have needed my signature. Because he's the one who transferred me out of the title, I'm not sure if I would be held responsible of transferring assets.