Should I settle a debt regarding a car accident?

Get Legal Help Today

 Secured with SHA-256 Encryption

Should I settle a debt regarding a car accident?

I was involved in an automobile accident and I am suing the person’s insurance. My car was totaled out. It has been on my report as a charge off and recently was deleted from one of my reports. Will the check be in my name as well as the lienholder’s? Will they keep what I owe? And lastly, should I call them before I settle with the insurer and try and reach a settlement agreement?

Asked on March 16, 2012 under Accident Law, Louisiana

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I suggest that you try and resolve all issues concerning the total of your vehicle that was involved in an automobile accident (lien holder and the insurance carrier for the other driver). Given the fact that a lawsuit costs money, you need to make a cost benefit analysis with respect to the settlement offer presented you versus what incremental gains above it that you might be able to get should you continue with the litigation.

If the car that was damaged not in your name, the settlement check will be issued to the lien holder and you jointly. If the car was in your name alone, then any settlement check should be issued solely in your name. 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption