My question involves a consumer law issue in the State of: California
I took over payments on a car I had planned on buying from a friend, but no title transfer has taken place, nor have I refinanced it in my name. I've had it for almost a year now and my financial situation has changed a bit and now I am unable to qualify for financing. In fact, I am filing for Chapter 7 bankruptcy. How binding is a verbal agreement on a car purchase where there were no real restrictions or any paperwork involved? Can I give it back to my friend without any legal ramnification?