The option that applies to you depends on the details of your case and the. Once the terms are clear, your settlement can be paid. However, personal injury liquidations are generally paid in stages. In many cases, when a settlement is reached, the check is given to your lawyer. Many attorneys will deposit this check in their trust account.
Once your attorney has paid all of the liens and legal fees, you will proceed to the next step in the process. You'll know the amount of the settlement at the end of the negotiation process between your attorney and the at-fault party's insurance company. At this point, there will be an agreement on the form of the agreement. The two most common ways to pay for a personal injury settlement are a single payment and a series of structured payments over a longer period.
Compensations can range from a few thousand dollars for minor injuries to seven-figure sums for catastrophic damages. Accepting a lump sum agreement may have tax implications, but your lawyer can advise you on your options. Your personal injury settlement could take many forms depending on the specific details of the agreement. Once these debts are paid, your attorney will deduct the costs you paid during your case, such as document copying fees, court costs, and postage.
It's not uncommon for negotiations to reach a settlement agreement to cover confidentiality agreements, as well as language that exempts the defendant from any liability for their injuries. You deserve clear communication and transparent accounting regarding the distribution of money in a personal injury settlement. You will then be issued a check and you will receive your part of the settlement, thus ending your personal injury case. The money from the settlement is meant to compensate you for your financial losses, including medical expenses and property damage. The compensation you recover may depend on the severity of your injuries and how the accident occurred.
With a free consultation and personalized attention, you'll have a dedicated advocate who will focus on maximizing your recovery.
