Accident occurred in Kentucky. Liability limits are 100/300 and claims may exceed limits. Except for personal residence and vehicle I have no other assets.
2007-03-05 04:55:44 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
If you get a judgement against you the plaintiff can attach your wages. If the residence is in your name only and not fully encumbered by a mortgage they can attach that with a lein. If you own the residence outright they can attach a lein and force a sale of the property to recover towards the judgement. They cannot touch certain personal property such as clothing or anything you need to do your job like a PC, they may not be able to take basic furnishings. If the car is encumbered by a loan they will not touch that, if not they can seize it and have it sold at auction to settle the judgement. They can go after any bank accounts that are in your name only and attach them. Your only hope is that they settle with your insurance company for an amount below your policy limits before it goes to a full blown trial. They will probably be forced by law to go to arbitration first before a full blown trial will be able to be initiated. If you do get a judgement againts you for more than the policy limits you will have to file bankruptcy and claim the plaintiff as a debtor.
2007-03-05 05:13:39 · answer #1 · answered by Sane 6 · 1⤊ 0⤋
If damages exceed $100k per person or $300k per accident, you are still liable. Once the insurance company has paid out their max they are no longer obligated to defend you so you will need to get a lawyer and you will be responsible for damages over the insurance limit. If you dont have any assets, they cant really get much from you but the judge can decide to garnish your wages until the debt is paid.
Good luck.
2007-03-05 16:20:41 · answer #2 · answered by NY1Krr 4 · 0⤊ 0⤋
Don't worry about it. If you have no assets, then you are good to go.
If additional coverage is necessary, then they could look to their own insurance company for additional coverage, if they have it.
It's also up to your insurance company to settle a claim in good faith, so if they know that a person is entitled to that money based on their injuries, then they should just pay it, but try to save $5,000.00 off the policy, to ensure that the plaintiff won't look towards your assets.
2007-03-05 12:59:24 · answer #3 · answered by Rica 82 5 · 0⤊ 0⤋
Subrogation can be per sued if the opposing party has not been satisfied. They can sue you for any assets you have an attorney can better assist you in this area.
2007-03-05 13:10:35 · answer #4 · answered by Keith 2 · 0⤊ 0⤋
If the claim awarded exceeds the limits, you're more than likely accountable.
Bankruptcy may be your only avenue.
2007-03-05 13:02:55 · answer #5 · answered by mantle two 4 · 0⤊ 1⤋
I think you are still liable for the damages. Check with a lawyer, and if you can't afford one try legal aid. If you're in Louisville, try the heavy hitter lawyer. I think he's an ambulance chaser but I guess he does all right.
2007-03-05 13:00:59 · answer #6 · answered by Fordman 7 · 0⤊ 1⤋