You need not go into panic mode now. First, your insurance company will hire an attorney to represent you. Second, the other driver would have to win their case, and from what you describe they will have an uphill fight given they ran the light and hit your vehicle in the rear. The traffic ticket means nothing, and any crash report prepared by the investigating officer can NOT be admitted into evidence. And, it is entirely possible your insurance company will be able to get the case settled for the policy limits.
So, let the situation play itself out. You can always go into bankruptcy, but since you have good credit you shouldn't unless you ABSOLUTELY have to, and you are not there at that point yet.
I hope you found this response to be of assistance. This response shall not be considered the rendering of legal advise but instead a general response to a general question. While Avvo is a wonderful resource, nothing can be a substitute for an in-depth consultation with an attorney in the jurisdiction in which the law is to be applied. This response shall not be deemed to create an attorney-client relationship, nor shall it create an obligation on the part of the attorney to respond to further inquiry from the questioner.
Talk this over carefully with the lawyer you get assigned to defend you by your insurer. It sounds like you have good defenses to the suit. and for all practical purposes you may be what is known as judgment proof regarding a runaaway verdict anyway.
You do habe to talk this over with the attorney hired to represent you. If you were wrongfully given the ticket then you need to fight it. Also, if she is suing you she still needs to prove the crash was your fault. That is where the third party witness comes in handy.
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.
Unless the case cant be settled for policy limits or less, why go bankrupt now? The defendant has not exceeded your insurance policies with a jury verdict have they? If the answer is no than it is still just a claim and your personal assets are not at risk unless they get a judgment that exceeds your policy limits. Good luck.
You should consult an attorney in your State at once. Visit our webpage and tell us what you think. www.schnitzerlaw.net
Hire an attorney who has experience with automobile accident claims. They can evaluate the claim against you and can demand that your insurance company settle the claim for your policy limits. If your insurance company offers its policy limits and the injured person wants money from you then you can offer some of your own money to settle the case or ask to got to trial. You can always file bankruptcy. Your 401k is protected.
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