underinsured

[Amanda]

S.O. was recently in a car accident, he ran a red light, totalled the other vehicle and caused personal injury. we had Oregon state required minimum: 10K for liablility/25k personal injury. the damages will probably excede the 10k, not sure what the other person's med bills will run (soft tissue injury) plus whatever more they want out of us. will i have to sell a kidney?!?! we have 25k in student loans, 15k in credit card debt, and only $1,000 equity in recently purchased home. plain and simple, we have nothing (besides 4 kidneys between the two of us!) is there a limit to what they can take us for? can they force us into bankruptcy/foreclosure?

we have definitely learned our lesson in insurance 101. take a look around here, the average price of a vehicle is 20k+, thank god he didn't total a new 4runner! we will be carrying more coverage with our next car.

will we need a lawyer or can we count on our insurance carrier to minimze the financial damages.

it is my understanding that the other person's insurance company will pick up where ours leaves off. but our insurance co. said they are being stubborn and will not, so they are withholding the 10k. is our insurance company working against us? if the victim's insurance covers the remaining amount, will we then have to pay them back? is this where we'll need the lawyer?
i think i'm getting too wordy. i'll stop here.
thank you for the advice:O)

 

[ALawyer]

They can never take more than you have (absent certain non-dischargeable debts which enable them to collect against future gains) if you file bankruptcy, and if you do file, there are some assets you can still keep, and what they would be depends on your state's and/or feredal laws protecting debtors.

------------------
This is intended as general information only and NOT LEGAL ADVICE. You are not my client, and I have no obligation of any kind to you. To retain a lawyer, go to http://AttorneyPages.com

 

[moving to the top]

ALawyer is one of the best advisors on the board. You might talk to a local attorney to ease your stress somewhat, but at attorneypages.com, they'll discuss this with you one on one. Sorry, couldn't have a "key" to your predicament.