Is a house always an asset?

Posted Wednesday, April 20, 2011 by Ed Harper

Your house technically is not an asset if indeed you owe more than what it would bring on the open market. I would consider an asset to be anything of value you have that is not encumbered by debt. In order to find out what your net worth to be, you would have to come up with a basic assets and liabilities spread sheet and see if the assets out-weigh the debts. A personal injury attorney would seek to have the settlement fall within the insurance limits because he or she knows how hard it is to collect on a money judgment. They would then be able to go after their own under-insured motorist provisions of their policy.

Additionally, I would write to your insurance company and encourage them to settle the claim within your policy limits.

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