Winning a personal injury lawsuit doesn't guarantee you'll get paid. Luckily, the legal system provides plaintiffs with a number of tools they can use to make defendants pay. At the same time, though, there are laws that protect defendants as well, and here are two of them that could impact your recovery efforts.
Tenants in Entirety
A person's marital status doesn't prevent you from going after their assets. However, it can limit the type of assets you can confiscate or use to pay the judgment in the case.
When it comes to making changes to a will, you have two options. You can simply enter amendments into the recorder to modify it, or you can revoke the existing well and replace it with a new one.
Amending the will sounds simple, but many people are surprised to learn that attorneys often recommend complete revocation and replacement. Here is why a will attorney might recommend this and when it's okay to just make some amendments.
Bankruptcy is a legal process that allows you to get a financial fresh start when you are running into trouble. However, bankruptcy should not be taken lightly. Many people compare it to getting a divorce, where you should only use it when you've run out of options and it's the only way to make things right. This may leave you wondering what situations are appropriate to choose bankruptcy since it can have a huge impact on your finances that will last for years to come.
When a person has been seriously injured because of a driver's reckless behavior, they may envision filing a lawsuit and being awarded a large sum in court. In reality, these types of cases are nearly always settled out of court. The insurance company is not obligated to pay more than the policy's maximum, and the driver might not have enough assets to make suing worthwhile. Nevertheless, hiring car accident lawyers is advisable if the insurer disputes the claim or offers unreasonably low compensation.
When you pass away, your assets will undergo a process known as probate and your estate will be responsible for paying for any outstanding debts. However, even after your debt, there are some ways that bankruptcy might affect your estate. This is something you will want to bring up with your attorney.
The Rights of the Estate
Your estate does not have the right to file for bankruptcy on your behalf.