Q: I have a pending personal lawsuit for an at-fault accident w/inj. My ins is too low to cover all costs. Options?

A: Yes your personal assets could be at risk. Hire an attorney to demand your insurance company settle the case within policy limits.

A: They could be, yes. Consult a bankruptcy lawyer to assess your entire financial situation before making a decision.

A: They could be at risk. But before pushing the panic button, you could probably make a more well-informed decision if you reviewed things with an attorney. Your post is very brief. An experienced attorney could offer better guidance with knowledge about the accident, the demand, the realistic relationship between the demand and the plaintiff's actual damages, insurance limits, your assets, and other details. Good luck

A: If your insurance coverage is insufficient to cover the costs of the lawsuit, your personal assets like your home, car, and income could potentially be at risk. The opposing party might seek a judgment against you, which could lead to wage garnishment or liens on your property. It's important to understand that your primary residence may have some protection depending on your state's homestead exemption laws.

Considering bankruptcy, Chapter 7 could discharge most unsecured debts, but it might also lead to the liquidation of some assets, including your home or car if they are not fully protected by exemptions. On the other hand, Chapter 13 could allow you to keep your property by reorganizing your debts into a manageable repayment plan over three to five years.

You should weigh the pros and cons of these bankruptcy options in the context of your specific situation, particularly how they align with protecting your assets and managing your liabilities. Seeking legal advice is crucial in navigating these complexities and determining the best course of action for your circumstances.