I think it would be premature for you to file for bankruptcy, not only for the reasons previously mentioned, but also because you seem to be assuming that you and/or your partner will be held liable for all of your son's negligence. That is not necessarily the case in California - your liability is limited to statutory liability held by the owner of a vehicle (up to $15,000, which should be covered by your insurance), and special liability for your own negligence, if any, in allowing your son to use the truck. You are not liable simply because your son was negligent. You should ask some hard questions when speaking with your insurance company about your own exposure to liability, as opposed to the liability of your son, and perhaps speak to an attorney in your area on these same issues.
LET YOUR INSURANCE COMPANY HANDLE THE CLAIM. NORMALLY, IF THE PLAINTIFF SETTLES FOR THE POLICY LIMITS, YOUR INSURANCE COMPANY WOULD SECURE A RELEASE FOR YOU. IN THE EVENT THAT THE SETTLEMENT NEGOTIATIONS FAIL AND THE PLAINTIFF DECIDES TO TRY THIS CASE, YOUR INSURANCE WILL DEFEND YOU AND IT WILL INTERPLEAD THE POLICY VALUE WITH THE COURT. HOWEVER, IF AT TRIAL , THE JUDGMENT GOES BEYOND YOUR POLICY LIMITS, ONLY THEN YOU SHOULD SEEK THE ADVICE OF A WITH A BK ATTORNEY. YOUR BK ATTORNEY WILL ADVISE YOU AS TO WHAT YOU HAVE TO DO. BEST OF LUCK.
This answer is provided by California Accident Attorney Manuel A. Juarez, Esq., 510-206-4492. Abogado de Accidentes de Autos de California: 510-206-4492. Abogado de Lesiones de Accidentes de Autos, provides answers of a general context. These answers are not intended to form an attorney client relationship. Oakland Abogado Accidentes Autos, Abogado de Lesiones Personales, Abogado de Accidentes de carros, Abogado de accidentes de Peatones, practices in Antioch, Berkeley, Concord, Oakland, Hayward, Martinez, Newark, Richmond, San Francisco and San Rafael. El abogado de lesiones y heridos en accidentes de autos, is licensed only in California. This information is good only in California and it is not to be taken as legal advice on car accidents, personal injury, divorce, bankruptcy or in any other type of situation. Esta respuesta es del Abogado de Accidentes de Autos, Abogado de Lesiones Personales, Abogado de Heridos en Accidentes de carros, Manuel A. Juárez, 510-206-4492. Abogado Hispano de Accidentes, Abogado de Divorcios, Abogado Latino de Accidentes, Abogado de Accidentes de Oakland, Hayward, San Francisco, 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.
You have a right to demand that your insurance company tender the policy limits in exchange for a limited release of liability for you. What that means is you can tell your insurance company to pay what the injured person wants and then the only reason they would sue you would be to get an excess judgment (a judgment from a jury more than your bodily injury coverage) so that the injured person can collect from his or her own uninsured motorist coverage.
Do not file for bankruptcy over this. If you're insurance company doesn't settle, you can personally sue them for bad faith insurance representation. Consult a trial attorney who does insurance/personal injury law. I am available all day.
Also note as an aside: unlike crimes, debts are not something you can go to jail for. Just because you owe money doesn't mean they can take your stuff or your house. Garnishment and lien attachment are pretty technical areas of law and a defendant like yourself can likely combat this even down to that level while you wait for your insurance company to do the right thing (if necessary).
Answers to questions does not create an attorney/client relationship. I only am your attorney if I have entered into a written contract, signed by me, wherein I expressly assent to be your attorney. Nothing I post should be construed as legal advice to be acted upon, it is merely a legal opinion.
There is no need to file for bankruptcy. Let your carrier handle the case. In almost every case the plaintiff will agree to settle for your policy limits. Call your carrier and their counsel and go sit with them and let them give you some guidance and if they won't reach out to a local plaintiffs firm and go consult them for guidance.
You really do not need to file for bankruptcy now. Your insurance shall defend you if they cannot settle the claim within your policy limit. I guess you do not have any UIM/UM coverage. If you have, those coverage will chip in some money. Work with your insurance company first and see what will happen.
I would start by contacting and consulting with an attorney who can review the actions of the insurance carrier and your potential personal liability. Go to the "find a lawyer" tab and look for a insurance defense attorney in your community.
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