What are the consequences of Being Found At-fault in a Car Accident
08-21-23
If you’re found at-fault in a car accident, every asset you own—including your car, your house, and more—could be at risk. Even if you have insurance (which you should), if your policy is not enough to cover their damages the injured party can collect damages from you personally.
This is why carrying adequate car insurance is a necessity. In almost every state, including Ohio, it’s required by law. But even the minimum required by law frequently isn’t enough to pay for the full cost of a victim’s damages, meaning you’ll be left on the hook for the remainder. To protect your property from seizure, having a comprehensive insurance policy is the best bet.
At the end of the day, you can never have enough insurance. You should also drive defensively every time you’re behind the wheel, and never drive under the influence of drugs or alcohol, drive distractedly, or drive recklessly. Those are sure-fire ways to be found liable in the event of a wreck.
If you are found at-fault and don’t have enough insurance, filing for bankruptcy may be the only way to protect your assets from seizure in a personal injury settlement. However, bankruptcy is a drastic move with a lot of far-reaching implications, so it should only be used as a last resort.
