If someone rear-ended my car on the insterstate and it may be totaled for the market value, what happens if that vallue is well below what is still owed?
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If someone rear-ended my car on the insterstate and it may be totaled for the market value, what happens if that vallue is well below what is still owed?
Is there any recourse against the individual that did the damage? It as are only car and we don’t have money to get another one.
Asked on September 25, 2013 under Accident Law, Michigan
Answers:
Tricia Dwyer / Tricia Dwyer Esq & Associates PLLC
Answered 11 years ago | Contributor
Hello. The value of a vehicle typically is a range, since it is what a willing buyer would pay to a willing seller. Value is not the same as what is owed. Do turn to your attorney for legal advice for your needs. Some attorneys are available seven days for emergency legal needs. Many attorneys will speak initially at no charge. Then, if legal work is performed, some attorneys will provide a reduced fee for financial hardship. Some attorneys may also assist you in a limited scope manner to conserve legal costs. All the best.
TRICIA DWYER, ESQ.
Tricia Dwyer, Esq & Associates PLLC
Phone: 612-296-9666
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