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What do I need to do if I owe a lot of money on an insurance…

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What do I need to...
What do I need to do if I owe a lot of money on an insurance claim for an accident where I am considered the at fault party, and the amount that I still owe after insurance is well above what I am worth financially? I am concerned that I will be working just to pay them everything I make and lose what little I actually own or go to jail. Is this a reasonable concern?
Submitted: 2 years ago.Category: Legal
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Answered in 3 minutes by:
3/6/2016
Lawyer: LegalKnowledge, Attorney replied 2 years ago
LegalKnowledge
LegalKnowledge, Attorney
Category: Legal
Satisfied Customers: 32,841
Experience: 10+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
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Good evening. I certainly understand the situation and your concern. No, you will not go to jail for this. However, if you do not pay they will sue you and obtain a judgment. If the judgment is not paid, then they would try and garnish your wages or even go so far as try and get your licenses suspended, as a result of this.

A certain amount of your wages isexempt, or protected by law. You are allowed to keep disposable earnings (your pay after taxes and mandatory deductions) of at least:

  • $371.25 weekly
  • $742.50 bi-weekly (every other week)
  • $804.37 semi-monthly (twice a month)
  • $1608.75 monthly.

If your disposable earnings are less than the exempted amount, your wages cannot be garnished. If your disposable earnings are greater than the exempted amount, then your wages can be deducted by the lesser of:

  • 15% of your gross (before-tax) wages; or
  • the amount of your take-home pay (after-tax) wages that exceeds the exempted amount above.
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Lawyer: LegalKnowledge, Attorney replied 2 years ago

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Lawyer: LegalKnowledge, Attorney replied 2 years ago

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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