My question involves an injury that occurred in the state of: Florida
I am not involved in litigation - but could be. The insurance adjuster is still working with the injured party's attorney. The claim looks to be close to or at policy limits ($100,000). I am at fault and the car was titled to me and my wife. She makes a lot more than I do and her salary would be exposed to garnishment. I NOW know these are asset protection mistakes. We have since increased our coverage to 500k/1 Million. I am also seeking an umbrella policy. But that does not help with the past.
My question involves tactical decisions on what to do if suit is filed. I have a few questions:
1. Does bargaining above policy limits usually take place before suit? That is, does the adjuster come to me and ask how much I might be willing to pay to avoid suit?
2. If the adjuster asks me to "contribute" to the settlement should I do this? How do I know what is a fair amount?
3. If suit is filed and the potential exposure is more than I can afford bankruptcy would be an option. So, at what point should we file? That is, do you wait until after mediation, just before or after trial or what?
4. I know this is a bankruptcy question -- if you file before judgment the damages are unliquidated. How much do you include in your petition?
Thanks for reading...