4 Reasons Why Personal Injury Attorneys Choose to Conduct an Asset Search on the Tortfeasor
Personal injury attorneys may choose to conduct an asset search on the tortfeasor (the party responsible for causing the injury) for several reasons. Here are some key points explaining why this search can be beneficial:
- Recovery of damages: One of the primary objectives of a personal injury lawsuit is to obtain compensation for the injured party. By conducting an asset search, attorneys can determine if the tortfeasor has sufficient assets or insurance coverage to cover the damages awarded in a potential settlement or judgment. This information helps the attorney assess the likelihood of recovering the full amount of damages and advise their client accordingly.
- Identifying additional responsible parties: Sometimes, multiple parties may be liable for an individual's injuries. Conducting an asset search can reveal if there are additional parties with assets that could be pursued for compensation. This could include employers, contractors, or other entities that may share responsibility for the incident.
- Uncovering hidden assets: In some cases, the tortfeasor may attempt to conceal or transfer assets to avoid paying the damages. An asset search can help identify any hidden assets or fraudulent transfers, ensuring that the injured party's right to fair compensation is protected. If the attorney discovers such activities, they can take appropriate legal action to prevent the tortfeasor from evading their financial obligations.
- Negotiation leverage: Knowledge of the tortfeasor's assets and financial situation can provide the attorney with valuable negotiation leverage. Armed with accurate information about the defendant's ability to pay, the attorney can negotiate from a stronger position, potentially securing a more favorable settlement for their client.
It is worth noting that asset searches should be conducted within the bounds of legal and ethical guidelines. Laws and regulations regarding asset searches may vary, so personal injury attorneys should ensure they adhere to the rules and regulations applicable in their jurisdiction, by using a reputable asset search company.