My car is paid for already, i sold it to my daughter can the bank take it from her or charge me for it if i go bankrupt?
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ANSWERS: 4
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If the bank has already signed the title over to you and no longer have a lien on it then no. You owned it free and clear so they no longer had a legal claim to it, and since it is no longer yours, it is not considered an asset of yours for purposes of bankruptcy.
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No, but that means they could go for something else you possess.
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If you sold it then no they can not take it from her. Make sure you have the bill of sale and proof you sold it. -
The only issue is if the bank can make it seem as if you are hiding assets. So if your daughter only has that one car it seems legit. If she has three or more it seems as if the only reason it was sold was to get it out of your name for the bankruptcy. Also if it is an older car it does not draw as much attention as if it is less than two years old. It cannot look as if you are trying to hide assets.
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