Hello,
I was served with papers from my previous insurance company stating that they want to void my policy with them from day 1...the reason being is because I had an individual drive a vehicle that was registered to me and I had it under my policy. The insurance company is stating that I misrepresented myself to them and will not cover the damages sustained from an accident this individual had while driving with two friends. Now since the two friends cannot get anything out of the insurance company they are coming after me. I am a student, work full time and do not have a savings nor any assets. I cannot hire an attorney because it will cost me around 15-20k because it's considered complexed litigation and I cannot afford that. The only other option I was told I can take is bankruptcy. I spoke to a bankruptcy attorney and he said that I can file for chapter 7 and depending when I file, the judgement will not affect me and if the judgement is filed and then I file for bankruptcy I will need to take additional steps to have the judgement erased from my records, if I wish to do so. What do I do? Do I file for bankruptcy before anything else happens...garnishment, liens, etc.
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The only other option I was told I can take is bankruptcy.
IMO, bankruptcy should be the last option when you have no other option left.
How old are you mdumit09?
From what I can understand after reading your problem, your problem basically lies with insurance. Now can you please give us more details about this incident/accident?
Let me tell you what I have understood and you can correct me if I am wrong. You have a car registered in your name and have an insurance policy to cover your car. Now, this car was driven by some other individual who caused the accident. There were 2 other passengers with the driver.
Now, what exactly is the insurance company referring to as misrepresentation? Why isn't the insurance of the driver at fault coming into play? Does the driver not have insurance?
It is too soon to declare bankruptcy. I think you should first address these issues rather than just declare bankruptcy. Remember bankruptcy will stay on your records for at least 7-10 years.
Maybe OP, you could tell us more so that we can get in to the root of the problem.