More details to this question:
I recently got into a minor vehicle accident with a women. I had lapsed insurance at the time. I talked to a insurance attorny and he told me if the insurance company comes after me for damages then my only option is to file for bankruptcy. I only want to file if its absolutely neccessary. What can I do to get a head start. This probably wont happen untill 6-12 months from now maybe longer. I have no assets and 15000 in debt, but I have a good job. I dont want my entire check going to a insurance company that has more money than god (Allstate). This incident might effect the rest of my life. I just need some advice if i choose to file. Thank-You.
1 ANSWER
William/J Joanis
There is a lot of time between now and the insurance company getting a judgment and garnishing. Your entire check will not be garnished. Your wages can only be garnished in the amount that leaves you the higher of $330 take home or 75% of your wages, which ever is higher. Go see a bankruptcy lawyer now, with a plan on a filing in six months or a year.
Answered on Nov 01st, 2011 at 1:13 PM