Personal injury lawsuits can be quite costly when they occur and may be more expensive than you realize. That’s because these suits may go after a larger number of items than you realized, putting your assets, your financial health, and much more at risk. Thankfully, you can avoid this issue.
Injury Lawsuits May Threaten EVERYTHING You Own
If you are responsible for a personal injury to another individual and they sue and win, there are many things that they may take from you. Most of the time, they want cash or payments and don’t attack too hard. However, they may try to get:
- Cars – Many states allow lawsuits to take a person’s car if they are in a suit – there are some exceptions here that will vary depending on your state.
- Personal Belongings – Remember when OJ Simpson lost his Heisman Trophies after his wrongful death civil lawsuit? You may lose items like these in a case if you cannot pay cash.
- Other Vehicles – Can lawsuits go after your lawnmower, tractor, snowblower, golf cart, or four-wheeler? Absolutely. An injury lawsuit requires you to pay the money you owe, and you could lose all these items.
- A Home – Most of the time, courts resist taking a person’s home from them unless it’s a second one. But they do put a lien on the house that you must pay if you want to sell – most states have homestead protection that keeps you from becoming homeless.
- Savings Accounts – Any money you have saved up may dry away in a personal injury lawsuit – even money saved for your child’s college years.
- Furniture – Don’t be surprised if a person comes after items in your house during a lawsuit, such as various types of furniture, appliances, and much more.
Is there anything that a lawsuit cannot take? Your retirement and IRA accounts may be protected under most state laws. And most of the time, this type of scorched earth policy, i.e., coming after your assets, is scarce in a personal injury lawsuit. But you should protect yourself from it ever occurring.
Avoiding This Danger
If you don’t want to lose everything in an accident injury lawsuit, it is essential to take several steps to ensure that you are safe. These steps are all preventative, and most must be done before an accident ever occurs. However, if an accident has already happened and a lawsuit is hitting you, there are still ways that you can protect yourself and avoid a significant financial downturn.
For example, if you have high-quality liability insurance covering the accident – such as for your home or in a car – you can stay much safer. Typically, this policy will cover any of the damages claimed against you and ensure that you don’t lose everything. Just as significantly, these policies can be expanded into umbrella options that further ensure that you are safe from injury.
However, you can also try to win this type of case with an attorney who can poke holes in a person’s claim. For example, they can get an independent medical examiner to see if an accident could have caused a person’s injuries. And you can mitigate some of the blame by using shared negligence rules. These claim that the injured party was somewhat responsible for the accident, decreasing what you owe to them.
How to Get Help
If you are concerned about this type of accident, you need to reach out to somebody who can protect your belongings and keep you from losing everything. Groups like Allen Accident Law understand the different legal precedents behind accidents.