What assets cannot be touched in a lawsuit? Generally, certain assets can be protected from creditors or exempt from collection after judgment, including qualified retirement accounts, a portion of home equity under Nevada’s homestead exemption, and some public benefits.
Your Las Vegas personal injury lawyer can detail which assets that you can’t touch if you sue.
Some Assets Are Protected from Creditors
If you suffer injuries due to another party’s actions and want to sue, speak with an attorney about what assets cannot be touched in lawsuits. Your lawyer can provide insights into the damages that you can recover in your personal injury case. Plus, they can detail the assets that you typically can’t touch in your lawsuit, such as:
- 401(k) plans, pension plans, and other qualified retirement accounts
- A set amount of equity in a defendant’s primary home
- Certain life insurance benefits under Nevada law
- Certain public benefits, including government assistance, Social Security, and military retirement funds
- Household goods, furniture, and clothing
- Certain assets placed into a properly established irrevocable trust
The team at H&P Law has more than 60 years of combined experience. We are committed to getting our clients the optimal case results in personal injury lawsuits. If you have questions about the assets that cannot be touched in various lawsuits or are ready to seek compensation from someone liable for your injuries, we’re here to help. Contact us today.
Certain Non-Exempt Assets May Be Subject to Collection
Depending on the circumstances, if you file a personal injury lawsuit, the defendant’s non-exempt assets can be at risk. This can include the defendant’s liquid cash, checking and savings accounts, investment portfolios, real estate, vehicles, and personal property like jewelry and collectibles.
Have a personal injury lawyer who has earned many positive client testimonials represent and advocate for you as part of your lawsuit. Your attorney can assess your tangible and intangible losses and estimate your case’s value. Next, they can help you file your lawsuit and pursue compensation for your losses.
Per Nevada Revised Statutes (NRS) 11.190, in most cases, if you are injured and want to sue any liable parties, you have two years to file a lawsuit. Meet with a personal injury lawyer to determine your eligibility for suing someone. If warranted, your attorney can help you submit your compensation request and build your case for damages.
Your Lawyer Can Help You Figure Out What Assets Cannot Be Touched If You Sue Someone
If you are unsure about which assets cannot be touched in a lawsuit, it can be beneficial to discuss your situation with a personal injury attorney. This is an opportunity for a lawyer to evaluate your case. From here, your lawyer will likely advise you to seek economic and non-economic damages through a lawsuit.
Your attorney wants you to recover damages for your pain and suffering, medical bills, lost wages, and other quantifiable and tangible losses. Once you file your lawsuit, they want you to track the losses that you’ve incurred due to the defendant’s actions for the duration of your case. This can help your lawyer gather evidence that they can use in their argument.
As your case moves forward, your lawyer can account for the many assets that can’t be touched in your lawsuit. They can focus their argument on proving that you deserve compensation for the harm that you’ve suffered. If their argument resonates with a judge or jury, you may get a favorable judgment and secure damages.
You Will Have to Prove Negligence to Recover Damages in a Lawsuit
Regardless of the assets that cannot be touched if you file a lawsuit, if you file a lawsuit and want to prove to a judge or jury that you should be awarded damages, you will have to illustrate negligence. Because of this, if your case reaches trial, your lawyer can present an argument centered on negligence.
To show that the defendant was negligent, your lawyer will argue that they violated a duty of care, put you in danger, and caused your accident, injuries, and damages. Your attorney can use witness statements, police reports, and other evidence to support their argument as well.
Meanwhile, under NRS 41.141, Nevada has a modified comparative negligence rule that applies to personal injury lawsuits. If you sue someone for injuries and are found to be 50% or less liable, you can recover damages, but these will be reduced by your percentage of fault. Alternatively, if you’re more than 50% at fault, you cannot recover damages.
The Assets That Cannot Be Touched if You File a Lawsuit Against Someone Can Be Factors in Settlement Negotiations
If you sue an individual or business for injuries, settlement negotiations can get underway soon after. The assets that cannot be touched in lawsuits can be factors in these negotiations, since a defendant or insurance company wants to minimize your payout.
If a defendant or insurance company offers a settlement, it’s often a good idea to evaluate the proposal with your lawyer, as they are familiar with the assets that can and cannot be touched in lawsuits and your case’s value. Your attorney can advise you on what to do with a proposal, and you make the final decision on whether to approve, decline, or counter it.
Account for the assets that you can touch as you weigh the pros and cons of a settlement offer. If you find that a settlement falls short of what you want, you can decline, and your lawyer can continue with settlement negotiations. Of course, if these negotiations do not lead to a reasonable offer, you and your attorney can bring your case to court.
Learn More About the Assets That Can’t Be Touched in a Lawsuit
H&P Law has recovered more than $100 million in compensation for our clients. Our team can share information about the assets that you cannot touch in a lawsuit.
If you are interested in filing a personal injury lawsuit or want to find out if you have grounds for one, we can assist. To get started, request a free consultation.
