Financial Channel

Hello,

One month ago I was ruled at fault for an accident that totaled my vehicle and the other party's vehicle. Now I'm receiving mail from Progressive stating that I owe them $23,000+ in damages. I'm in college, make about $2,000 month, and most of that goes to bills for school and personal. Basically I live month to month like most college students living on their own. Here's my question, I own a 1978 Corvette that is valued around $10,000 and a just starting a finance on a new EX250 Kawasaki motorcycle (for the long trips - 75mpg is nice). Is there any way that either one of those will be taken since I will not be able to pay the damages? I know that motorcycles are considered a "luxury" item in the US and its all on finance ((I haven't even made one payment to date). Plus its not an everyday transportation since if it rains I can't take it to work or school. Is there anything I can do to prevent possible repo if repo is an option for the insurance company?

Thanks,

CaddyGuy

Have you actually been sued, or have you merely been served with the demand?

I have been served with the demand. And I received my first phone call from them two days ago, which of course I "missed". Basically I feel like I'm sitting with my head in the sand waiting to be taken to the cleaners.