What if I refuse to disclose my assets? I WAS NOT AT FAULT!

Asked over 1 year ago - Sacramento, CA

A bicyclist riding on the wrong side of the street ran a red light , and rode in front of my van. I was going about 30 Mph when I hit him , I locked up my brakes but could not avoid hitting him. He suffered a compound fracture of his leg. The police report says he was at fault as does my insurance company and all the eye witnesses. So almost a year later and I was just contacted by my insurance company stating this guy hired an attorney and is suing us. The insurance company wants us to disclose a statement of our assets voluntarily. A case has not been filed yet but is sure to be because we only had minimum policy limits . Our insurance company has offered to settle for the policy limits they say as a good faith gesture to keep this from going in to court. But the bicyclists attorney is

Attorney answers (6)

  1. Christian K. Lassen II

    Pro

    Contributor Level 20

    9

    Lawyers agree

    Answered . If you don't have many assets, this would be beneficial.

    Only 29% Contingency Fee! Phone: 215-510-6755 www.InjuryLawyerPhiladelphia.com
  2. Pius Joseph

    Pro

    Contributor Level 15

    7

    Lawyers agree

    Answered . Generally insurance company cannot advise you to disclose assets. In case you did not carry enough insurance to cover a claim without evaluating comparative negligence(likely in six figure value) the insurance company is obligated to hire a "cumis counsel" for you.
    I suggest that you do not disclose any assets or matters of such nature without involving an attorney(not your insurance attorney). Since there are many factors to be evaluated you should ask for appointment of such counsel.
    Good Luck.

  3. Manuel Alzamora Juarez

    Contributor Level 20

    7

    Lawyers agree

    Answered . NORMALLY, I ADVISE MY CLIENTS TO HIRE A LAWYER TO TO PROTECT THEIR INTERESTS. IN YOUR CASE, IF YOU DO NOT HAVE MANY LIQUID ASSETS OR LOW EQUITY IN YOUR HOUSE, THEN IT WOULD BE ADVISABLE TO PROVIDE AN AFFIDAVIT TO THE OPPOSITE PARTY BECAUSE THE PLAINTIFF'S LAWYER IS CONDUCTING HIS DUE DILIGENCE PRIOR TO ACCEPTING YOUR INSURANCE POLICY LIMITS. IF THE CASE SETTLES, YOUR INSURANCE LAWYER WILL SECURE A RE;LEASE FOR YOU AND THAT WAY YOUR ASSETS WILL BE PROTECTED. HOWEVER, IF YOU HAVE SUBSTANTIAL ASSETS, THEN BETTER HIRE YOUR OWN ATTORNEY FOR ADVICE. BEST OF LUCK.

    This answer is provided by California Accident Attorney Manuel A. Juarez, Esq., 510-206-4492. Abogado de... more
  4. George Costas Andriotis

    Contributor Level 20

    7

    Lawyers agree

    Answered . A financial affidavit is a common request in an excess claim. That being said let your insurance carrier defend you as they will assign you an attorney should suit be filed.

    Call for a free consultation at 727-937-1400 or visit us on the Web at www.serviceandjustice.com.
  5. Alexander Mchenry Memmen

    Contributor Level 15

    7

    Lawyers agree

    Answered . A disclosure of assets is usually a good thing in this type of case. Your carrier will pay the policy limits on your behalf in exchange for the Plaintiff's agreement not to pursue any further claims about this incident. Your answer cuts off, but you may want to disclose your assets, especially if you are not particularly wealthy. Few attorneys will pursue collections actions against folks whose insurance has already paid the policy. Whether or not you were at fault isn't really at issue.

  6. Glenn Stephen Guenard

    Pro

    Contributor Level 7

    2

    Lawyers agree

    Answered . You should definitely ask your insurance company to hire you an independent lawyer to advise you on this matter. If not, you should hire one yourself or go to legal aid if you qualify for it like Community Legal Services at McGeorge Law School in Sacramento. I can tell you that if you do not have significant assets, it would be extremely unusual for a plaintiff to pursue you beyond your policy limits.

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