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How do i protect my assets against a lawsuit if the injured party asks for more than my insurance company covers?

Cotati, CA |

after a car accident that was deemed my fault , my insurance company is asking me to sign an affidavit on which one question was how much are your assets over $5,000.Do I have to give this information and what kind of lawyer do I need? My insurance company is saying the injured party's lawyer is asking for this.

Attorney Answers 5


  1. You need a pi or insurance lawyer who handles auto accident cases. There are several in Avvo as a place to start. No lawyer on Avvo can advise you as to how to negotiate a settlement.

    You are welcome to call Ms. Johns' offices for a free or low cost consultation at (866) 402-4038. Please note that Ms. Johns is a lawyer although she is not your lawyer unless you have signed a written fee or letter agreement confirming her office's representation of you. This email does not otherwise constitute legal advice or create an attorney-client relationship.


  2. You really need to talk with attorney as soon as possible.


  3. If you have low insurance limits them you should talk with a local personal injury attorney because your insurance company has a good faith duty to settle the claim within your policy limits.

    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.


  4. I would strongly suggest that you contact an attorney as soon as possible to assess your situation and protect your rights.


  5. The injured parties attorney wants to know about your assets because most likely your insurance company has tendered your policy limits and the attorney wants to know whether you have any assets that would make it worthwhile for him (his client) to pursue you for an amount above your policy limit. Basically, he wants to make a determination as to whether or not you are judgment proof.

    Definitely consult an attorney about the questions that they are asking you to answer and if you get clearance to answer the questions, answer them truthfully. The plaintiffs attorney is only doing his job in asking these questions. If she does not ask these questions and it turns out that you have assets that she could have attached had she pursued and won a lawsuit, then she would have committed legal malpractice. It is a double-edged sword for you. If you refuse to answer these questions and she feels that you have assets, then she may file a lawsuit against you to discover these same facts during the discovery process. Again, do not answer ANY questions until you have gotten clearance from an attorney.

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