Re: liablity in auto accident

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You need to retain an attorney ASAP. The insurance company
has given you fair warning that the amount of the claim may
reach your personal assets.

The insurance company has an obligation to attempt to settle
the claim within the policy limits, but that is not always
possible. Your personal attorney can be working with the
insurance adjuster/attorney to attempt to settle the case on
terms you can live with.

Depending on the state you live in, some or all of the
equity you have in your house may be protected, but your and
your spouse's and your son's incomes could be subject to
garnishment for a long time to come.

In the end, you may be looking at bankruptcy. And because
of the pending new bankruptcy law, that may not be as
helpful as it once was. Thats another reason that you
should get an attorney soon to help you sort through the
situation. Good luck to you.

On 4/14/05, paniced parent wrote:
> My son was in an accident where he was sited for running a
> red light. He was driving a car that is in our name he is
> insured under our ins. as the primary driver of that
> vehicle. We only had liabiality and uninsured and
> underinsured on the vehicle. Our ins. company explained
> the claim will probably exceed the limits of the policy
> because one of the occupants are still hospitalized. We
> donot have any other umberella policy's. We have about
> $50K equity in our personal home and no other assets. What
> other finacial resposibility might our family face toward
> the damages for this claim.