QUESTION
Are investments, 401k, savings accounts and equity in a home options or resources as payment in a personal injury lawsuit?
Asked on Mar 25th, 2014 on Personal Injury - Louisiana
10 ANSWERS
Ronald A. Steinberg
Some may be exempt. Check with your accountant.
Answered on Mar 27th, 2014 at 6:40 AM
Auto Attorney serving Bloomfield Hills, MI
at
Gregory M. Janks, P.C.
Update Your Profile
Investments typically would be, 401k usually would not be, saving would be and a home may be. You really would be best to consult a lawyer for some detailed research and a written opinion as there are other factors such as how the property is titled/held, what the theories of the personal injury lawsuit are, who is being sued and on what theory, etc. Further carrying adequate liability insurance, and perhaps an umbrella liability policy. Should effectively limit exposure of any personal assets, so you would also want to check to be sure you are adequately insured.
Answered on Mar 26th, 2014 at 3:55 PM
Edwin K. Niles
Yes, but only if the claim is valued at more than the insurance coverage. This is why we recommend high limits.
Answered on Mar 26th, 2014 at 3:48 PM
Commercial Contracts Attorney serving Boise, ID
at
Peters Law, PLLC
Update Your Profile
Investments, yes. 401k, maybe, maybe not. It depends on your state's laws. Savings accounts, yes. Equity, to the extent it exceeds any amount protected under your state's laws, yes.
Answered on Mar 26th, 2014 at 2:58 PM
Thomas Edward Gates
Yes, all of their estate is exposed.
Answered on Mar 26th, 2014 at 2:54 PM
Employment Law Attorney serving Beverly Hills, CA
at
Dordick Law Corporation
Update Your Profile
Your 401k might be protected, but not your other assets.
Answered on Mar 26th, 2014 at 2:53 PM
Litigation Attorney serving San Antonio, TX
at
Graves Law Firm
Update Your Profile
In Texas generally investments and savings accounts are vulnerable, while 401Ks and homestead equity are generally exempt from seizure for the payment of debts.
Answered on Mar 26th, 2014 at 2:51 PM
Chapter 7 Bankruptcy Attorney serving Syracuse, NY
at
Andrew T. Velonis, P.C.
Update Your Profile
Investments yes, 401k no, savings account yes, home equity usually not worth trying to take action on.
Answered on Mar 26th, 2014 at 2:23 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
Perhaps, seek counsel. Generally your assets are available to judgment creditors.
Answered on Mar 26th, 2014 at 2:16 PM
Corporate Contracts Attorney serving Lafayette, LA
at
Law Offices of Stephen H. Myers, L.L.C.
Update Your Profile
If there is no insurance, these are viable options if a judgment is obtained from a defendant.
Answered on Mar 26th, 2014 at 8:36 AM