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Can My parents Assets Be Taken in a Car Accident Lawsuit?
Anonymous2 views4 answers
My father bought a car for my brother in his name. My brother drives the car and he got in an accident and hit 3 people. For that car my father has an insurance for himself and my brother only. The insurance company said that there is not enough money to cover the expenses and are asking if my parents have other kind of insurance; which they don't.
My parents have two more cars but they are in my father's and mother's name. They also have a house that is in both on their names that they are paying morgage and they are building another house that is also in both of their names. They have a different insurance company for the other assets than my brothers car.
The accident happen in Florida we live in South Carolina. The car that my brother was driving again is ONLY in my fathers name.
This is a complex issue that needs to be reviewed by an attorney. The attorney would need to see all of the insurance policies and would need to consider a number of factors. I would suggest that your father contact an attorney right away.
Your father needs to have his insurance policies examined by an attorney and see what his potential exposure is and whether bankruptcy is an option to get rid of any excess verdict.
Good luck.
Manuel Alzamora JuarezCar / Auto Accident LawyerBerkeley, CA ·
MAYBE. IF YOUR FATHER'S INSURANCE COVERAGE IS NOT SUFFICIENT, HIS INSURANCE COMPANY HAS TO PAY THE MAXIMUM AMOUNT REQUIRED BY THE PLAINTIFF. IF THE MAXIMUM IS NOT SUFFICIENT TO COVER THEIR LOSSES, THEN THE DEFENDANT HAS TO LOOK AT HIS OWN INSURANCE UNDERINSURED PROVISIONS. IF THERE IS NO INSURANCE THERE, THE ATTORNEY FOR THE PLAINTIFF HAS TO ASK FOR EXCESS MONEYS FROM YOUR FATHER IN ADDITION TO THE POLICY. IF YOUR FATHER HAS EQUITY IN THE SECOND HOUSE, THEY WILL GO AFTER IT. THEY MIGHT NOT GO AFTER YOUR PARENTS HOME BECAUSE THERE IS SUCH A THING CALLED HOMESTEAD EXEMPTION. EACH JURISDICTION HAS DIFFERENT LIMITS FOR THE HOMESTEAD EXEMPTION; SO, I URGE YOUR PARENTS TO GET LEGAL ADVICE IN THEIR LOCALE. BEST OF LUCK.
