"Full coverage" means different things to different insurance agencies and companies, and so I'm not sure what the coverages are that you have. The important number is the bodily injury coverage that you have. First check that. Then, after that, find out how serious the other person's injuries are. Find out from an experienced personal injury attorney whether they believe the coverage is adequate.
Then, dont even consider the bankruptcy until the facts play out.
Actual legal advice can only be provided in an office consultation by an attorney licensed in your jurisdiction, with experience in the area of law in which your concern lies.ge claims.