If you are found liable for a car accident, you may be responsible for reimbursing the victim(s) for all expenses incurred due to your actions. This may be true regardless of if you are entirely or partially at-fault. Thus, it is imperative that you know how to protect your assets, as you (like many defendants in auto collision cases) may not have the funds to fulfill this legal obligation. To increase your assets’ security, it is best that you recruit legal assistance, as this is a difficult task to take on alone. For more on asset protection following an auto collision, see the details below.
Steps for Asset Protection After a Car Crash
The best thing you can do to protect yourself and your assets in the aftermath of a car crash is to gather as much evidence as possible. All documentation recorded must reflect the full extent of damages, injuries, and the event’s precise circumstances with full detail. For this, you must follow the guidelines listed here:
- Call the police. The responding officers will fill out a police report reflecting all details of the incident (how many vehicles were involved, the officer’s perception of liability, all parties’ statements, etc.). Call the appropriate emergency services as well if anyone was injured in the crash.
- Take photos and videos of the scene. This is critical to accurately demonstrating the damages that victims may have experienced in the crash. When you do this, write down as many details of the incident as possible and collect all parties’ contact and insurance information.
- Report the collision to your insurer. Waiting too long to report the car accident may result in your disqualification for policy protection. Thus, you must contact your insurer as soon as possible.
- Note: If the other parties’ insurance companies attempt to contact you, direct them to your insurer instead. Do not provide any written or recorded statements without a lawyer.
In all these steps, avoid any speculation or admission of fault or guilt. Such statements will be used against you, which will inevitably place your assets at greater risk. (If you are determined to be at-fault for the crash and your policy fails to cover the total compensation, your wages and assets can be garnished to cover the total. For this reason, wait for a lawyer’s protection to engage in any discussions concerning liability.)
Protecting Your Assets with a Lawyer’s Help
Whether you are found to be fully or partially liable for a car accident, you must seek the assistance of an experienced car accident lawyer. They will review the full extent of the damages dealt in the crash and evaluate the consequential risk to your assets. Regardless of what they find, your car accident lawyer will work to defend your rights and ensure that you receive the minimum consequences, ensuring that you can maintain financial stability, even if you are at-fault. To learn more about how a car accident lawyer can help you, get in touch with a reputable legal team today.
