Does anyone know anything about NJ laws? like can i lose my home? Or am i entitled to one home, one car, etc?
2007-04-23 14:30:27 · 6 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
I'm not sure about NJ laws,but in Pa I got a payment from the insurance company and then sued the guy for the rest.
The person responsible for the accident had the minimum insurance,only $5,000 in coverage. He totaled two cars. The small amount that his insurance paid me,didn't come close to what the book value of my car was. I sued him for the remainder,as did the other person who's car he totaled. We both won and had judgments against him. I was fortunate that he actually paid me,if not,I probably could have gone after his assets to satisfy the judgment.
2007-04-23 17:30:31 · answer #1 · answered by Jan 7 · 0⤊ 0⤋
Well, it's likely that the other party has uninsured motorist insurance, which covers the cost in case of an accident with another party who is at fault but cannot pay. If not, they can pursue you for the amount beyond what your insurance pays. They cannot take anything from you or force you to sell anything. If you are unable to pay and unable to obtain credit to pay, they can eventually force you to declare bankruptcy, at which point the bankruptcy court can sell your assets. The exemptions (the assets that the court cannot sell) vary but generally include a certain amount of equity in your home, personal belongings, necessities of life, etc.
Unless the amount of your liability is several times your net worth, it's probably better to borrow money on credit and pay it off.
2007-04-23 21:38:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Being sued doesn't equal a judgment. They can't take anything until they win the case and get a judgment.
What they are probably doing is deliberately exceeding the policy value to get the insurance company to settle for the policy amount quickly so they don't burn up much lawyer time on it.
Don't panic yet. Just hire a lawyer and listen to their advice.
2007-04-23 21:38:03 · answer #3 · answered by open4one 7 · 1⤊ 0⤋
"Goman..." is 180 degrees from right. They cannot collect from you and the insurance co. both. They have to choose one or the other. If the damages are extraordinary, like you killed someone while driving drunk, they can take your house, your business, and everything you own. Your personal property is never protected from your personal liability.
Generally speaking, in ordinary crashes, they can sue you personally instead of your insurance co. if they are demanding more than the insurance will pay. They can only collect actual damages, including: damages to their vehicle up to the value (not what they owe on it), rental car, medical, lost time from work. The cannot collect pain and suffering unless they can prove gross negligence (reckless driving, speeding, etc), depraved indifference (running stop signs for fun), etc.
You are never entitled to anything in this world. BTW, bankruptcy does not protect you from judgements, the IRS, or government loans.
2007-04-23 22:14:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The lawyers are looking for a deep pocket. They usually settle for what the ins. co will pay because they know it's hard to get more. PLEA- BARGAIN..?
2007-04-23 21:38:35 · answer #5 · answered by Leroy 4 · 0⤊ 0⤋
It sounds like you need to see an attorney.
2007-04-23 21:38:04 · answer #6 · answered by lynda_is 6 · 0⤊ 0⤋