Auto Accident (Insured)?
Question:
I bought a house in 2003 worth 75,000 but still owe almost 60,000. We each own cars worth less than 5,000. Can we lose our posessions over this? My husband makes less than 20,000/year and I make about 45,000. Who's income can they touch? My husband has one child and we are expecting our first together. I am so scared as we can barely pay the bills now. The guy suing is a rich lawyer. I would like to know what the worst case scenerio is.
Answer:
Frankly I wouldn't worry about it until it finally does go to court. When that happens your insurance will have someone to represent you. If you want worst case, if you are in a state that recognizes community property, half of everything is his, and they can indeed attach based on that. You may find a lien against your house for example, if they prevail.
But again, it looks like lots of behind the scenes things are going on, and it may never actually get to trial, and you don't need to stress until it does. Stay in contact with your insurance company of course. You don't need stress on the baby.
I am assuming your husband was at fault, otherwise all this would not be going on, and the other party would be paying you.
it all boils down to this, nothing is final, until it is ordered in court, or both parties agree on it. Until that happens, no sense in worrying about it. That is what you pay insurance for. They handle it. Most of the time you will not even know what is going on, as they handle everything.
If it comes down to you having to pay anything, there is usually a way to set that up so you lose nothing.
Just because the other party is suing for something, does not mean he will get it. :)
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