What happens if I transfer my car title 16 months prior to my bankruptcy filing? Posted on March 31, 2011

I live in Arizona and you are exempt $5,000 of equity on your vehicle. I filed Chapter 7 this month. The month I lost my job I sold the vehicle to a friend in order to live off the money, it was sold for $4,500. I've been unemployed since that month total of 16 months and I have no other assets. Why do I have to list this transfer of title? Do I have to pay the money to the Trustee? I don't have any money and had to borrow money to pay for my Chapter 7 bankruptcy.

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