Property Protection

[AJ]

I am a probable defendant in a 5 million $ personal injury lawsuit (minor Auto Accident with other driver claiming chronic pain syndrome as a result, and unwilling to accept the insurance company's offered settlement). I have just learned of this and there has been no court action yet. I am a middle class wage earner, supporting my family, with a small retirement savings and a house valued at about $150,000. Is there anything I can do now to protect my home and savings in the event that there is a court decision against me above what the auto insurance will cover?
California (the lawsuit lottery state)

 

[I AM ALWAYS LIABLE]

<BLOCKQUOTE><font size="1" face="Arial, Helvetica, Verdana">quote:</font><HR>Originally posted by AJ:
I am a probable defendant in a 5 million $ personal injury lawsuit (minor Auto Accident with other driver claiming chronic pain syndrome as a result, and unwilling to accept the insurance company's offered settlement). I have just learned of this and there has been no court action yet. I am a middle class wage earner, supporting my family, with a small retirement savings and a house valued at about $150,000. Is there anything I can do now to protect my home and savings in the event that there is a court decision against me above what the auto insurance will cover?
California (the lawsuit lottery state)<HR></BLOCKQUOTE>

My response:

You should seek advice from your own attorney as to whether you should place all of your family assets into a "Family Trust" or start, and place all of your assets in, a Family Corporation, or any other viable options at your disposal.

IAAL




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[prairielaw3]

In addition, if suit is filed, in addition to the insurance co lawyer who will be hired to defend you and the insurance co on the claim, consider talking to a separate experienced trial attorney; some states recognize the tort of bad faith where an insurance co not reasonably settles and opens insured up to excess coverage; while this may not be an option as long as the demand stays above the policy limits and no glimmer of them taking less, there are steps that a separate attorney acting on your behlaf may be able to take at strategic times that may exert a little more pressure on your insurance co. to settle.
Good luck!
George Senteney

 

[lars coltrane]

"the lawsuit lottery state". If you mean that like the lottery, you have a slight chance of winning big, you are correct. On the other hand, if you mean that every accident is worth a fortune, you are incorrect. In fact, in So. Cal. a minor to moderate accident is more likely to be a defense verdict than a plaintiff's verdict.

Despite the much maligned status of accident victims, you should still meet with your own lawyer right away and find out all that you can do to protect yourself.