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Can My parents Assets Be Taken in a Car Accident Lawsuit?

Greenville, SC |

My father bought a car for my brother in his name. My brother drives the car and he got in an accident and hit 3 people. For that car my father has an insurance for himself and my brother only. The insurance company said that there is not enough money to cover the expenses and are asking if my parents have other kind of insurance; which they don't.

My parents have two more cars but they are in my father's and mother's name. They also have a house that is in both on their names that they are paying morgage and they are building another house that is also in both of their names. They have a different insurance company for the other assets than my brothers car.

The accident happen in Florida we live in South Carolina. The car that my brother was driving again is ONLY in my fathers name.

Attorney Answers 4

Posted

This is a complex issue that needs to be reviewed by an attorney. The attorney would need to see all of the insurance policies and would need to consider a number of factors. I would suggest that your father contact an attorney right away.

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Posted

An attorney would need to review all available insurance policies. Make an appointment with a personal injury lawyer in your city.

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Posted

Your father needs to have his insurance policies examined by an attorney and see what his potential exposure is and whether bankruptcy is an option to get rid of any excess verdict.

Good luck.

DISCLAIMER: David J. McCormick is licensed to practice law in the State of Wisconsin and this answer is being provided for informational purposes only because the laws of your jurisdiction may differ. This answer based on general legal principles and is not intended for the purpose of providing specific legal advice or opinions. Under no circumstances does this answer constitute the establishment of an attorney-client relationship.

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2 comments

Asker

Posted

Thanks the policy on that car is only liability, which is 25/50/25. According to the insurance company they are asking for 200,000. Can they take my fathers joint property with my mother? He owns the car but he wasn't the driver. My brother is 26 and he doesnt have a dime. We will contact a lawyer ASAP. I feel very bad for my parents.

Asker

Posted

The insurance also a just assigned I imagine a lawyer to the case.

Posted

MAYBE. IF YOUR FATHER'S INSURANCE COVERAGE IS NOT SUFFICIENT, HIS INSURANCE COMPANY HAS TO PAY THE MAXIMUM AMOUNT REQUIRED BY THE PLAINTIFF. IF THE MAXIMUM IS NOT SUFFICIENT TO COVER THEIR LOSSES, THEN THE DEFENDANT HAS TO LOOK AT HIS OWN INSURANCE UNDERINSURED PROVISIONS. IF THERE IS NO INSURANCE THERE, THE ATTORNEY FOR THE PLAINTIFF HAS TO ASK FOR EXCESS MONEYS FROM YOUR FATHER IN ADDITION TO THE POLICY. IF YOUR FATHER HAS EQUITY IN THE SECOND HOUSE, THEY WILL GO AFTER IT. THEY MIGHT NOT GO AFTER YOUR PARENTS HOME BECAUSE THERE IS SUCH A THING CALLED HOMESTEAD EXEMPTION. EACH JURISDICTION HAS DIFFERENT LIMITS FOR THE HOMESTEAD EXEMPTION; SO, I URGE YOUR PARENTS TO GET LEGAL ADVICE IN THEIR LOCALE. BEST OF LUCK.

This answer is provided by Manuel A. Juarez, Esq., aka El Abogado de Accidentes de California: 510-206-4492. It is of a general context and is not intended to form an attorney client relationship. I am licensed only in California. This information is good only in California and it is not to be taken as legal advice on accident, personal injury, divorce, bankruptcy or in any other type of situation. Esta respuesta es del Abogado de Accidentes y Lesiones personales, Manuel A. Juárez, 510-206-4492. Abogado Hispano de Accidentes, Divorcios, Abogado Latino de Accidentes, y Abogado de Bancarrotas de Oakland, Hayward, San Francisco, y California. Estas respuesta son solo para información general y no consisten en consejo legal sobre divorcios, mantención de esposas, mantención de hijos o bancarrotas. Las respuestas son comentarios legales que no forman una relación de abogado y cliente. Manuel Juarez, Esq., esta licenciado solo en el Estado de California.

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