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re: Are umbrella insurance policies even necessary for most people?
Posted on 2/4/24 at 10:10 am to UltimaParadox
Posted on 2/4/24 at 10:10 am to UltimaParadox
quote:
Most people the answer is no because they have no assets
Can’t you be forced into payments if you are sued? I know you can bankrupt but you can still be forced to pay right? It’s not only about protecting assets if you are in something like a high risk profession.
1
Posted on 2/4/24 at 10:38 am to baldona
quote:
Can’t you be forced into payments if you are sued?
That's a wage garnishment. And yes.
The biggest concern to me is real estate.
A bankruptcy could alleviate the debt obligation, but there are situations in Georgia where the lien still exists.
Check with an attorney about where the soft spots are with real estate and judgments.
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