Protecting My Money
I caused an auto accident, and I do not have insurance. The other driver’s insurance company wants me to reimburse them for what they had to pay out. I cannot afford the amount they’re asking for (even if done as monthly payments). Since I don’t drive much, I have therefore decided not to pay them anything and to let my driver’s license remain invalid.
But here’s my question. The other driver’s insurance company said they are going to do an asset search. I do have a small amount of money in the bank (much less than what they want from me), which I need to live on. If they find it, can they either freeze my account or actually take the money? Do I need to take the money out of my bank account? What can I do to protect what little money I have?