Why Asset Searches are a Vital Part of Any Personal Injury Case

By Staff Writer

In the event an injury to you or your child occurs that’s caused by someone else’s negligence, legal remedies exist to help you deal with the effects of that injury, especially in the long-term. Medical bills, property damage and lost wages are just a few of the financial costs accidents bring.

In the immediate term, your insurance company (…especially if it’s a car accident) can provide relief. But unless your injuries require minimal treatment and time away from work, your policy limits will not cover the long-term costs required to deal with your injuries. Aside from this reality, some insurance companies even deny paying out maximum policy amounts.

If you have an injury of this magnitude, a personal injury attorney can file a claim for damages from the at-fault party.

Once you consult with an attorney and decide to move forward with a claim, one of the first things that will need to happen is an asset search. This vital information will help an attorney determine how the guilty or negligent party is able to satisfy any potential judgments.

Any good attorney will conduct an asset search so they can present you with all possible options. Besides, an asset search doesn’t cost too much – typically less than $300.

All that’s needed to get started is the defendant’s name and last known address. From there, the asset search company will look nationwide at both individual and corporate assets. The search will also look where the defendant may be hiding assets – like in a family trust or partnership.

Among other things, an asset search will confirm such things as:

• Name and address of defendant
• Employment Information
• Real Estate
• Any cars, boats, motorcycles, etc.
• Any other legal judgments
• Any liens or bankruptcies
• …and more

Having this information in hand will allow your attorney to present you with the best options. In many cases, the defendant simply doesn’t have any type of assets to satisfy a judgment. They do not own property and have very minimal, if any insurance. If an asset search reveals this, your personal injury attorney can then explore other options.

If you’ve been injured in an accident caused by someone else’s negligence, be sure you get a full understanding of the defendant and their capability to satisfy a judgment before pursuing a claim head-on.

A good personal injury attorney (Knoxville) will understand this, which is why an asset search is typically the first action taken in a case of this nature.

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