My 16 year old son hit a motorcyclist. My insurance company is willing to pay the 50,000 policy limits. The other parties insurance company is willing to take the 50,000 assuming there are no significant assets, but wants me to fill out this asset declaration form, which I don't feel comfortable doing. The only real assets we have is a little savings saving account and our retirement plans. House has negative equity and we have loans on all of our vehicles. I feel that if the other party wants to sue, they should sue no matter what my assets are, why should I do their work for them. Also, at what point should I retain my own legal counsel?
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