by rickiobxx » Tue Nov 10, 2009 07:55 pm
My son had an accident in my truck and the other driver was injured. Her medical bills exceed what my insurance and his insurance will pay. She is filing a law suit against him and myself for an excess judgement. If the judgement is granted, which of my assests would be at risk?(savings? IRA? house? car?) Is there a llegal way to secure my assests prior to the court hearing? And if I cant afford to pay the judgement, would bankruptcy be my best option?
Posted: Tue Nov 10, 2009 11:58 pm Post Subject:
Her medical bills exceed what my insurance and his insurance will pay.
Your carrier should be providing a defense for you..have you talked to them about this? Your carrier has a duty to protect you and do all they can to settle any claim within your limits..have they done so? If she has indeed filed suit, then your carrier did not pay anything correct? What are her injuries, and what are your limits? Does she not (apparently) have UIM (under insured motorist) with her carrier? Most of the time the only reason a party will go to the court house for an excess suit, is after there has been an exaustive asset check. Do you have quite a bit of money/assets?She is filing a law suit against him and myself for an excess judgement
Again, are you sure she's filing suit, and not just putting you on notice?. If the judgement is granted, which of my assests would be at risk?(savings? IRA? house? car?)
This all depends on the jurisdiction...Some allow wage garnishments to satisfy a judgement, some allow asset liquidation some do not..Have you talked to the attorney that will be representing you (and your carrier)? He/She should be able to tell you what is allowed in your state.Is there a llegal way to secure my assests prior to the court hearing?
No, and to attempt to do so would only get you in deeper...And if I cant afford to pay the judgement, would bankruptcy be my best option?
Nope, that won't help at all...Let us know the answers to my questions and hopefully we will be in a better position to help you.Posted: Thu Nov 12, 2009 08:25 pm Post Subject: reply
I have spoken with atty. for my insurance company. She had asked if the injured party would consider a settle of the $200G the insurances would pay (I dont know the extent of her injuries...my policy wil pay $100G & my son's policy will pay $100G)... her atty said she wouldn't settle for that. I'm not sure if she had UIM or not. I own a house with my sister that is paid for, and I have a house that is mortgaged with my bank. Other than that, I have a small IRA-$15G and a small savings $8G; my son doesnt own anything, however his father's family owns a large company. I was served a complaint for the claim, so I'm sure she is filing a suit. My atty said the house I live in should be exempt and the house I own with my sister can't be liquidated (my portion of it can have a lien). We live in NC. Thanks for any info you can give me.
Posted: Fri Nov 13, 2009 11:24 am Post Subject:
This must've been a reallllllllly bad accident..and she must be hurt really bad...
I doubt she has UIM...I doubt they can take (if any) more than half of money you have in the bank..
How old was your son when this happened? Was he a minor? Could be they've done an asset check and think they can get so some of dad's money?
Ask your attorney how your jurisdiction allows judgements to be satisfied. Getting a judgement is only half the battle. Ask if they allow wage garnishment, or bank account seizure. I agree both of your houses would be fine.
How long ago was this accident? When were you served?
Posted: Sun Nov 15, 2009 08:27 pm Post Subject:
Nope, that won't help at all...Let us know the answers to my questions and hopefully we will be in a better position to help you
Why would they not be able to file bankruptcy? From my understanding, as long as their is not alcohol/drugs involved or reckless driving, it IS dischargable in BK.
Posted: Sun Nov 15, 2009 10:42 pm Post Subject:
Not here
Posted: Mon Nov 16, 2009 12:05 am Post Subject:
So bankruptcy rules change from state to state? I thought there was a pretty set in stone limit to what debts survive a bankruptcy?
Out of interest, what would happen if they moved to a state which allowed bankruptcy to waive these debts? not that I'm encouraging this you understand, but I'm curious as to how that would work.
Posted: Mon Nov 16, 2009 11:54 am Post Subject:
I don't know if they change from state to state. I took "BK" to mean British Kindom. So that's a different country.
You can't file bankruptsy to try to get out of a judgement.
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