I AM BEING SUED AND FEAR THE JUDGEMENT WILL BE AGAINST ME. I HAVE A GOOD JOB MONEY IN THE BANK AND AN IRA. I RENT AND HAVE AN 8 YEAR OLD CAR. HOW CAN I PROECT MY ASSETS FOR MY CHILDREN AND WIFE. J MACK
State/Country relating to Question: Michigan
I SPENT MONEY WITH AN ATTORNEY AND HAVE LOTS OF RECEIPTS TO SHOW FOR MY EFFORTS.
Good Evening -
I need some information from you -
(1) What is the reason you are being sued?
(2) Do you have insurance, even if you think it doesn't cover this lawsuit? If so, what insurance policies do you have?
(3) Is the other side asking for punitive damages?
(4) How much does your attorney think the other side will get?
A HIRED PROFESSIONAL DOG WALKER TIRPPED OVER MY DOGS LEASH WHILE IN OUR HOME.
I DO NOT HAVE A HOMEOWNERS POLICY OR COVERAGE FOR THIS TYPE OF ACCIDENT
I BELIEVE PUNATIVE DAMAGES
THEY HAVE A LAWYER WORKING ON CONTINGENCY AND I DO NOT BELIEVE THEY WILL ACCEPT THE JUDGES AWARDED $30000.
Good Morning -
1) Hi, there has been a trial and the other side won't accept the judgment?
2) Are you sure there are punitive damages? That would be very unusual for an accident.
ANNIE, THERE HAS BEEN NO TRIAL. THE JUDGEMENT IS A RESULT OF MEDIATION.
THEY ARE SUING FOR $250,000.
What you are looking at is not a judgment - it's a mediator's recommendation to settle the case. Whoever performed the mediation thought, for whatever reason, that is what the case was worth.
I think it's improbable that the other side is asking for punitive damages - those are just not available for an accident. They are probably asking for pain & suffering - and the rule of thumb on that is one to three times actual damages. So, if someone incurred $5,000 in medical bills, a jury usually would award $10,000 to $20,000. There are exceptions to the general rule, of course.
By the way, people often ask for $250,000 - almost every lawsuit I see asks for that amount! It rarely happens.
The problem is, of course, it's expensive to try a case - my guess is that your attorney wants at least $5000 for that, and probably more, for that.
The upshot is this - if there are no punitive damages, you could declare bankruptcy if there is a judgment against you and you don't have anything to pay it with. If you do, I highly recommend seeing a bankruptcy attorney NOW - he or she can recommend asset protection strategies you can take to protect what you do have before there is a judgment.
Trial Lawyer, 15 Years Experience
ANNE, I DO HAVE ASSETS. WHEN COULD I FILE FOR BANKRUPTCY BEFORE A TRIAL. CAN I ?
Hello Again -
Thanks for accepting my answer!
I know procedurally it's possible, but you should talk to a bankruptcy attorney and find out what the best timing is for your particular situation before you file.
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