Are you wondering when and how your personal injury settlement will be paid out after a car wreck, slip and fall, or other accident? This article explains the crucial facts about the settlement process, from the typical timeframe to how settlements are paid.
Remember, a dedicated Union City personal injury attorney at Wade Law is here to fight for the maximum compensation you deserve!
Who Pays the Personal Injury Settlement?
The majority of personal injury settlements are paid by insurance providers. Why is that? Most individuals and businesses carry liability insurance coverage specifically designed to protect them in case of accidents or injuries caused by their actions or negligence.
In some cases, for example in car accident cases, carrying insurance is mandated by the law. Once both parties agree on a fair settlement amount, typically through negotiation between your attorney and the insurance company’s representatives, payment will be issued.
It’s important to note that negotiations can take time as each side presents arguments and attempts to reach an agreement.
Structured Payments vs. Lump Sum Payment
Structured payments involve spreading out your settlement amount over a period of time. This means that instead of receiving one large sum upfront, you’ll receive regular payments over an agreed-upon timeframe. The advantage here is a steady source of funds to cover ongoing medical expenses, lost wages, or other costs resulting from the injury.
On the other hand, a lump sum payment means getting all your money at once. This can be appealing if you need immediate funds for medical treatments or to address the financial hardships caused by the accident.
Which option is best depends on your unique circumstances and needs. Consulting with an experienced personal injury lawyer can help ensure you make an informed decision based on your specific situation.
Costs Associated With Your Case
Some of the settlement money will be used to pay your lawyer and cover other costs.
- Medical liens: Health insurance companies or Medicare/Medicaid may assert their right to recover costs for medical treatment. This means that a portion of your settlement will go towards paying off these liens.
- Attorney fees: Personal injury attorneys work on a contingency fee basis. This means that they are paid at the end of the case and their fee represents a percentage of the total settlement amount.
- Additional bills: You may need to pay for accident-related expenses such as property damage not covered by insurance out-of-pocket before receiving your settlement funds.
- Miscellaneous fees: Court filing fees, certified copy fees, and other legal costs.
How Long Does the Settlement Process Take?
One of the most common questions people have when filing a personal injury claim is how long the settlement process will take. Unfortunately, there isn’t a one-size-fits-all answer to this question, as each case is unique and can vary in terms of complexity and circumstances.
The duration of the settlement process depends on several factors. First and foremost, it depends on how willing both parties are to negotiate and reach an agreement outside of court. If both sides are open to finding a resolution quickly, then the process could be relatively short.
However, if either party is unwilling to cooperate or if there are legal complexities involved in your case, it may take longer for a settlement to be reached. Additionally, the extent of your injuries and damages can also impact the timeline.
Another factor that can affect how long it takes to settle a personal injury claim is whether or not you hire an attorney. Having legal representation can expedite the process by ensuring all necessary documents are properly filed and negotiations are handled efficiently.
Should You Accept a Settlement or Go to Court?
During a personal injury case, one important decision you may need to make is whether to accept a settlement or go to court. While there are pros and cons to both options, accepting a settlement can often be the better choice.
Going to court can be a lengthy and costly process. It could take over a year for your case to go to trial. On the other hand, accepting a settlement allows for a quicker resolution and ensures that you receive at least some compensation sooner rather than later.
Going to court also carries risks. There is no guarantee that the outcome will be in your favor. By accepting a settlement, you have more control over the outcome and can avoid the uncertainty of leaving it up to a jury.
Additionally, accepting a settlement means avoiding additional legal fees associated with taking your case through litigation. These fees can quickly add up and reduce the amount of compensation you ultimately receive.
Call Wade Law Today for a Free Case Review!
Before you get your personal injury settlement, you have to navigate a complex legal process. Dealing with insurance companies, understanding your rights, and calculating fair compensation can be complex and time-consuming. This is why you need a skilled Union City personal injury attorney on your side.
The legal team at Wade Law has a combined experience of over 70 years dealing with the most complex cases. We put our clients first and give personal attention to each of them. We offer each new client a free case review, so call us today at 770-282-1188 to schedule your initial appointment with us!