Q: I was given affidavit to sign regarding my assets because I might owe more than my insurance covers....do I have to ?
A: You don't have to, but if you do not, the injured party is more likely to sue you. If you are thinking of signing it, be sure everything it says is correct. If you have already been sued, your insurance company should appoint a lawyer to represent you, and they will review it with you.
A: You don't have to. They can hire a PI to do an asset search on you, or they can get a Judgment against you and, if it is an excess Judgment, then try to collect against your assets. There is no real harm in cooperating, but you have to be truthful. If you lie, it is fraud. If they demand your personal money, you can always say no, and make them go through a trial (which may discourage them), then if the Judgment is in excess of your limits, you can file for bankruptcy.
A: I would suggest discuss this with your insurance company. If you are in suit they will have an attorney representing you and you should discuss it with them. If you are really worried, you can get time by writing (if truthful) "I am consulting a bankruptcy attorney and will respond as they advise." Then get a bankruptcy consult.
A: You are likely being asked to sign this declaration so the Plaintiff's attorney can determine whether or not to recommend that his/her client accept your insurance company's policy limit offer, or to reject it and file a lawsuit against you. If you choose to sign the declaration, make sure all statements contained therein are 100% accurate. Whether you are required to sign this or not could be determined by the language in your insurance policy. You should consult with an attorney regarding your obligations pursuant to the language of your insurance policy.
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