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Protecting assets after car accident liability lawsuit initiated

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  • F0017S0
    replied
    Smart driving, plus a good umbrella policy for when I have to drive and a Metro pass for all of the other times I don't have to drive. Fewer miles, (supposedly) lower risk of a significant issue...

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  • MSooner
    replied
    Original post has been deleted so I'm not quite sure what the original details were, but this happened to us. It was a completely baseless lawsuit, but the insurance company covered and handled everything. The worst part was just dealing with the depositions and court dates and the horror when my husband was served. They told us the vast majority settle--ours was a rare won that actually made it to multiple court dates. It was settled the night before the last one where the judge said if the plaintiff didn't finally show up he'd settle in the defendants favor automatically.

    We were copied on all correspondence between the lawyers and I do remember our lawyer's answer to some fishing about our finances being "the policy will cover all judgement costs." That actually made us feel very reassured. We also had (and still do) have an umbrella policy at the time, but never got them involved.

    FWIW, being a physician wasn't necessarily a bad thing. The judge understood the demands of residency and actually asked my husband for his opinion on whether or not a court date should attempt to wait for the plaintiff after his lawyer told us he had been admitted for a diabetic episode.

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  • jfoxcpacfp
    replied
    Originally posted by doctorbone View Post
    This thread made me glad I have a multi million dollar umbrella policy
    As it should.

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  • doctorbone
    replied
    This thread made me glad I have a multi million dollar umbrella policy

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  • spiritrider
    replied
    Just stating the obvious. It is the insurance company providing coverage at the time of the accident. It does not matter whether you currently have a policy with them or not.

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  • Gavin West
    replied
    Search around for the right attorney to give you some perspective, which can happen in occasional short conversations that shouldn't cost very much. Hopefully your insurance company's lawyer will handle it the way you'd want them to anyway, but since he or she is working for your insurance company, not you, it's good to have the perspective of a lawyer working only for you, especially if it doesn't look like everything will just be covered by the policy.

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  • Random1
    replied
    I think it depends on what state you live and and the policy you have. Some policies are full tort and some are limited tort (no fault) , but being on the other side of it may be different.

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  • Larry Ragman
    replied
    Originally posted by Zaphod View Post
    Wont the insurance company be hiring the lawyer? I'd notify them first off and discuss with them.
    I agree with Zaphod, any good insurance company will take this on. Call yours and ask. No need to hire your own lawyer unless your insurance company disclaims responsibility for some reaosn.

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  • Zaphod
    replied
    Wont the insurance company be hiring the lawyer? I'd notify them first off and discuss with them.

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  • MPMD
    replied
    Originally posted by spiritrider View Post
    To add to what Random1 stated. Asset protection is a proactive step, before you have been sued. Hiding assets after the fact can have severe repercussions if caught. Judges seem to get particularly incensed by such actions.
    much less experienced than spiritrider but this strikes me as exactly correct.
    if there was a hint that you'd attempted to hide assets post-hoc i think you'd be in serious trouble, that might actually be illegal.

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  • spiritrider
    replied
    To add to what Random1 stated. Asset protection is a proactive step, before you have been sued. Hiding assets after the fact can have severe repercussions if caught. Judges seem to get particularly incensed by such actions.

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  • Random1
    replied
    Looks like some one is going fishing for dollars.

    I would treat it seriously like a medical malpractice suit. Meaning not speaking about it or posting , emailing anything discoverable. You might have to interview several lawyers to find one that is appropriate. I would get a record of all the medical claims from your insurance company if you are in a no fault state.

    Trying to hide assets after the fact serves no purpose. It is very likely they are looking for an umbrella for the rain. If you have a negative networth likely once they find out your situation it will go away.

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  • Protecting assets after car accident liability lawsuit initiated

    deleted
    Last edited by zdr81; 06-14-2021, 09:52 AM.
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