by Guest » Wed Oct 28, 2009 06:00 pm
What is considered an asset aside from real estate? Can another party's (insurance company) go after your vehicle if it is owned by a bank (I am paying the loan on it, it is on my name and a cosigner). Can they garnish wages in a case like this? I have just received collection letters from a company representing the other party's insurance company asking to pay X amount for Property damage which I do not have (I have over the legal limit in CA) or else there will be taking me to court. They have not accepted my insurance carrier's offer of the max amount as they probably want to see how much I have to offer. I do not have any extra income to pay for what they are asking only enough to cover my living expenses. I have no real estate or property.
What can I do in this matter? Contact the collection agency or wait until I get an official letter from an attorney? I have tried calling several lawyers and they will not give me any advice unless it has to with injury. What happens in court? I know my insurance will defend up to the max amount, but what about the rest?
What can I do in this matter? Contact the collection agency or wait until I get an official letter from an attorney? I have tried calling several lawyers and they will not give me any advice unless it has to with injury. What happens in court? I know my insurance will defend up to the max amount, but what about the rest?
Posted: Wed Oct 28, 2009 08:11 pm Post Subject:
Why aren't you talking to your insurance company claims adjuster about this? If you have insurance you should be directing any demands for payment from the other party to your insurer.
You need to contact your claims adjuster. Do that right now.
Posted: Fri Oct 30, 2009 03:16 am Post Subject:
They are telling me to get legal advice that they cannot help me in this case. They are saying it is on me now and that they will defend me up to the max limit I have.
Posted: Fri Oct 30, 2009 01:36 pm Post Subject:
So, your policy limits must have already been exhausted, otherwise there's no reason for your company to tell you that you're on your own. If this is the case you probably want to hire a lawyer. I assume when you say the lawyers that you've contacted wont give you advice unless it's about an injury, you mean they won't give you free advice.
Oh, and since you say you're getting demands from a collection agency as opposed to a legal summons, you may try contacting your state attorney general's office. They usually regulate collection agencies and should be able to give you advice about your options and what may happen if you cannot pay.
Good luck.
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