I have been to similar situation.
Describe ur scenario in details which will help me to identify ur problem and give u serious suggestion.
Tell me how much was the damage?
how much did u paid so far?
Is it a collection agency tryiing to collect money or insurance company?
Which state r u in?
Are they threating u to cancel ur DL?
And any other info u might have related to ur case...
And abt the bank account and credit card, they can't to shit abt it. They will have to go to court, file a law suit, win that law suit to get money out of ur personal account, property and credit card which indeed would be lengthy and costly process for that collection agency.
Infact even though if they won the case, it does not mean that they can take over ur personal property?The max thing they can do is ask for the payments since u wont have any lump sum to pay them.
If u can handle the amount, u can start negotiation with the collection agency to make an settelment which will be less than 50% that u own them.
AND ONE MORE THING. THE CREDIT CARD COMPANY U USED TO RENT THE CAR SHOULD HAVE RENTAL INSURANCE ON IT WHICH SHOULD COVER UR ACCIDENT EXPENSES. DID U TALKED TO UR CREDIT CARD COMPANY ABT THIS?
I will give u more detail suggestion once I know the exact scenario..
Good luck bro...