<BLOCKQUOTE><font size="1" face=" Arial, Verdana, Helvetica">quote:</font><HR>Originally posted by obie:
if your at fault in an auto accident, and you have NO insurance, the other persons car was totaled, how do they get the money from you if you dont have it and have bad credit so a loan to repay is out of the question? In NY.<HR></BLOCKQUOTE>
My response:
Well, Obie Wan Kenobe, what you're saying is, is that right now you're "Judgment Proof"; e.g., you have no job, no bank accounts, no property, and nothing else of value, like stocks, bonds, etc.
So, if you have nothing, they can't get anything from you . . . correct?
That's not necessarily true or the end of the story. You see, if the other party, or their insurance company, obtains a judgment against you, that judgment is good for 10 years and renewable for another 10 years - - - that's a 20 year monkey on your back. So, if you intend on being a pauper for the next 20 years, then you'll be okay.
But, once you get a job, get a bank account, buy property, or obtain anything else of value that is non-exempt from a judgment (and it's a sure bet that you will have something of value within those 20 years), then they can, at any time, come after you and what you own (or attach your wages).
The only way out from this "monkey" is Bankruptcy or staying an interminable pauper and living off the kindness of others for 20 years (that's 20 years from the date of judgment).
IAAL
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