If you have suffered an injury that was not your fault, you may be wondering how are personal injury settlements paid. The good news is that these types of settlements are tax-free. The insurance company is required by law to write checks to the injured party after receiving the required forms. The injured person then sends the check directly to their law firm for processing. The check typically arrives within three weeks, but there is sometimes a clerical error that delays the process.
The total amount of personal injury settlements does not tell the entire story. The “bottom line” amount includes attorney fees, expenses, and reimbursements. While most Personal Injury Attorney work on a contingency basis, you do not pay them until you receive a favorable settlement. In order to receive the maximum settlement for your case, you should hire an attorney as early as possible. A personal injury lawyer can be invaluable in dealing with insurance companies and aggressive insurance carriers.
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During the process of determining if an injury is your fault, the insurance company will offer you a low settlement. This will prolong the settlement process. It may be necessary for you to hire a medical expert to testify about the negligence of the defendant. The doctor’s testimony is important because it provides the amount of carelessness on the part of the defendant. Ultimately, the settlement amount is based on these estimates.
The settlement amount will include all expenses, including attorney’s fees. Often times, you will also have to pay for court filing fees, certified copy fees, and postage. Personal injury lawyers will explain these costs to you during the settlement process. You can choose whether to receive a lump sum payment or a structured settlement. Regardless of the type, it’s important to understand how these payments are made. The final amount of your personal injury settlement will depend on your financial situation and your personal desires.
In addition to the settlement, you may also have to pay medical bills. You may owe some or all of the balance of these bills to healthcare providers. Medical insurance companies and doctors are allowed to place liens on your settlement amount. However, this lien can only be as high as 40% of your settlement amount. For this reason, it is best to hire an attorney to negotiate these accounts. This process can be stressful, but it’s essential to know the right path to take.
Most injuries are caused by the fault of another party, and compensation should be given to compensate you for your injuries and the resulting damage to your life. While minor injuries may not require a substantial compensation, more serious injuries can be very painful and long-lasting. In such a case, the pain and suffering portion of a personal injury settlement will increase sharply. But don’t forget that health insurance companies will try to collect reimbursement from the settlement.