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Facing a Lawsuit After a Car Accident: Protecting Your Assets

On Behalf of | Aug 29, 2023 | Car Accident

Emerging from a car accident with injuries and damages is distressing in itself. However, the distress can amplify when you discover that legal action has been initiated against you by one or more parties involved. The concern about potential asset loss is natural, prompting a crucial need to comprehend the landscape of personal injury lawsuits. Here, our adept Washington car accident lawyer offers insights into what you might be susceptible to losing during such circumstances.

Insurance as a Shield

In Washington, the approach to auto accidents follows a tort system, enabling accident victims to file claims with the insurance provider of the at-fault party. In most instances, this coverage sufficiently caters to the victim’s damages, thereby relieving the at-fault party of direct out-of-pocket expenses. The state mandates a minimum of $25,000 per person and $50,000 per accident in auto insurance coverage, coupled with a required $10,000 for property damage coverage.

Should multiple parties share fault in the accident, it becomes plausible to seek compensation from each negligent party’s insurance provider. The prospect of suing an individual driver directly arises when the cumulative damages exceed the collective insurance coverage.

The Spectrum of Vulnerable Assets

Initiating a direct lawsuit against a negligent party typically makes sense if viable assets are in play. Those lacking substantial assets are often deemed “judgment proof,” meaning they lack resources for compensation. Yet, even if judgment is proof, partial liability for damages might remain. Strategies that could be employed against you include:

  • Wage Garnishment: Following a car accident lawsuit, your wages might be subject to garnishment to offset damages. Legislation, both federal and state, caps wage garnishment at 25 percent.
  • Real Estate: Homeowners facing a lawsuit are at risk of losing their property, particularly if alternative assets are scarce. Whether a property is seized hinges on the equity value it holds.

The specter of asset forfeiture can be unnerving. In some instances, defendants opt for bankruptcy as a safeguard to protect their possessions. Consulting with a seasoned Washington State car accident lawyer empowers you to explore your options judiciously and chart a path tailored to your situation.

Safeguarding Your Interests with Our Car Accident Lawyers in Washington

Navigating a lawsuit post-accident entails more than apprehension—it requires awareness of available defenses and the assertion of your rights. At Alliance Law Group, our accomplished Washington car accident lawyers adeptly guide you through these complexities, ensuring your assets are protected. Connect with us today at 253-300-2055 to schedule a consultation and gain comprehensive insights into how we can provide resolute assistance. Your assets and rights deserve staunch advocacy, and we’re here to deliver just that.