Should I settle a debt regarding a car accident?
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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 12 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.
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