Accident Caused a death

[Lorelei1988]

What is the name of your state? IL

My husband was in a fatal accident. He was ticketed for the accident. (Improper lane usage) If our insurance is not enough for the deceased mans family. What happens if they want more? Will we be forced to sell everything we own or do we file Bankruptcy. We have an incorporated business that took a loss the last two years. We don't have much more than our house and a couple of cars but I'd like to keep a roof over the heads of my kids. Does the court look at our assets first to see if we even have anything to offer?

 

[seniorjudge]

Does your husband have a civil lawsuit pending or a final judgment against him for wrongful death by the dead person's family?

 

[rmet4nzkx]

Your husband CAUSED a fatal accident, he wasn't just in a fatal accident. Hasn't he learned to use his turn signals or to look before he changed lanes?
It looks like you are trying to shelter your assets, none of which will do any good, as they will look back to before the accident, not after, this will include your joint personal and business assets. This other thread looks suspitious.

What is the name of your state? IL

Is there any circumstance in which I can withdraw some of my 401K without having to pay a penalty? I am getting divorced and the only way I can keep a home for my kids is if I use some of the 401k as a down payment on a new house or refinance our current mortgage and reduce the monthly payments.

Care to be honest with us?

 

[stephenk]

Your husband CAUSED a fatal accident, he wasn't just in a fatal accident. Hasn't he learned to use his turn signals or to look before he changed lanes?
It looks like you are trying to shelter your assets, none of which will do any good, as they will look back to before the accident, not after, this will include your joint personal and business assets. This other thread looks suspitious.

Care to be honest with us?

The corporate assets, if any, are not subject to seizure if the husband was not acting in the course and scope of his employment. if the coporate records are in proper order, the business is not connected to any claim from the other party.

Depending on how much insurance coverage is available, the other party may just settle for the policy and leave it at that.

 

[Lorelei1988]

Seniorjudge. Ther is not suit yet that I knowe of but my insurance company sent a letter to us advising that we get a lawyer because they felt out insurance would not satisfy the deceased mans family.

Pretty harsh rmet4nzkx. I said nothing about hiding assets. I'm not trying to shelter assets but trying to see what might happen in worst case scenario. My husband currently received the ticket. Accident is still under investigation He did not see the man on the motorcycle. No drugs or alcohol or cell phone involved in this accident. I assume you have never made any mistakes in your life because you were taught and learned. I hope you never have to deal with this type of situation in your life. One family is already destroyed. Ours I fear is next.

stephenk. Thanks for the straight forward information.

 

[rmet4nzkx]

Seniorjudge. Ther is not suit yet that I knowe of but my insurance company sent a letter to us advising that we get a lawyer because they felt out insurance would not satisfy the deceased mans family.

Pretty harsh rmet4nzkx. I said nothing about hiding assets. I'm not trying to shelter assets but trying to see what might happen in worst case scenario. My husband currently received the ticket. Accident is still under investigation He did not see the man on the motorcycle. No drugs or alcohol or cell phone involved in this accident. I assume you have never made any mistakes in your life because you were taught and learned. I hope you never have to deal with this type of situation in your life. One family is already destroyed. Ours I fear is next.

stephenk. Thanks for the straight forward information.

As unpleasant as my post, you will have to get used to hearing these very same points being made over and over again in the course of litigation. Atempts to shelter or dispose of assets will not only be examined but will affect the outcome of litigation. Your Insurance company is advising you to get an attorney, I seriously suggest you do so very quickly so you may be appropriately advised based on the facts of your case. Be prepared to answer a lot of questions you don't like. You are correct, this will alter your life from this day forward. If you have everything wrapped up in your business you are in for a difficult ride.