4 Reasons to Conduct an Asset Search in a Personal Injury Case

When your client has suffered a personal injury and relies on you for counsel, you must do your “due diligence” and assess the value of the case. There are a number of reasons why an asset search is not only desirable, but also a critical element of meeting your fiduciary duty to your client. 

No One Wants to Throw Good Money After Bad

No matter how obvious it is that an at-fault party has caused your client’s injury, insurance may be insufficient, and the tortfeasor may not be able to pay the difference for your client’s medical expenses, pain, and suffering. To recover medical expenses for your client and compensation for pain and suffering that insurance will not cover, you may have to go to trial. The trial process is expensive, time-consuming and may not deliver the results your client needs. If the defendant cannot pay the judgment, your client’s time, effort, and money is in vain. 

Your Client Could Sue You for Malpractice If You Fail to Assess the At Fault Party’s Ability to Pay

Perhaps you are in settlement talks with an at-fault party who caused your client injury. They could be a reckless driver or a business owner whose premises were not maintained properly. Now your client has chronic pain and injuries that need ongoing and serious treatment. The at-fault party claims they are not able to pay. The insurer has offered the policy limits which are insufficient. If you the at-fault party at their word for this, and it later turns out they were concealing assets, your client could sue you for malpractice. Your client deserves a remedy for their pain and suffering, and if you fail to assess the situation properly during settlement talks, you have not done your due diligence. A quick and inexpensive nationwide asset search (as little as $185 dollars) will allow you to negotiate to get the best for your client.

It Could Help You to Make a Deal

When you have information about the assets of the person or business who caused your client’s injury, this can make your settlement negotiations more effective. Many at-fault parties do not want to pay up if they can help it. If the other party has significant assets, they are more likely to want to avoid a trial. If they have assets and you go to trial, it will cost them more than it might to offer an attractive settlement to your client. In addition, many states allow a party to attach assets at the outset of a case. A quick nationwide asset search can uncover almost all assets and liabilities that a person may possess, including business interests, trusts, real estate, cars, boats, and planes so that you can reach and apply those assets. 

You Can Offer Your Client a Realistic Estimate of the Value of the Case

When your client has suffered a serious personal injury, they have already undergone pain, shock, and the disabling after-effects of the injury. The last thing your client needs is more surprises. Pursuing a personal injury claim during settlement talks or at trial can be grueling for your client, but it is easier if they know what is at stake. Doing a quick asset search can help you give your client a number that could indicate what they might get if they pursued a particular strategy in their personal injury case. This gives the client more choices to decide what they want and gives them a more realistic estimate of how they can pay their medical bills and get adequate compensation.

At Asset Searches Plus, a Nationwide asset search can cost as little as $185 and can turn around in a few days. You can uncover a range of assets and liabilities, such as real estate, patents and trademarks, trusts, judgements against someone, debts, business interests, vehicles such as cars, boats and planes, professional licenses and more. Doing an asset search is one of the most important things you can do for your client in determining the real value of their case and supporting them to cope with their pain, injuries, and suffering.