BestLawyerTips | Resource & Guides – There is a widespread misperception that the process of settling a personal injury lawsuit ends when the insurance company accepts a settlement sum. Before receiving their personal injury settlement check, clients should be informed of a few additional phases in the bargaining process. How are the monies allocated and what are these steps? For anyone with inquiries concerning the personal injury claims negotiating process, these are the questions we will be answering in this blog.
How Are Settlements for Personal Injuries Distributed?
Your attorney will get payment from the opposing party’s insurance company for the agreed upon sum once your attorney and the insurance company have reached a settlement. Your medical providers and your attorney will split this cash to settle your bills. Usually, the settlement payout is split as follows: your medical providers are paid first, your attorney gets their costs deducted, and you keep the remaining portion. Below is a list of the parties that received the payout:
- Attorney fees cover the costs of your lawyer’s and their paralegals’ labor on your case. You must give your lawyer a portion of the settlement when you retain them to represent you in a personal injury lawsuit. You sign a contract at the time of hiring that contains the terms and circumstances regarding your attorney’s fees. In some situations, you may also ask that the defendant be made to pay your legal expenses.
- Medical providers may use medical liens to collect money due to them for treating your injuries, and they may request payment from your personal injury settlement in order to do so. Many people lack the money to pay for their medical care directly from their pockets. Therefore, you pay your medical providers back out of the settlement cheque you received from the opposing insurance company, rather than paying for your treatment as you go along. In order to get more money out of your medical liens, your lawyer might be able to assist you in negotiating them down.
- If your settlement procedure takes several weeks or months, you will incur further expenses. You are responsible for covering any additional costs resulting from further medical attention if you need more treatment or care throughout this drawn-out settlement procedure. These expenditures are paid out of a non-monetary damage calculation and assessment since they were not taken into consideration when your attorney requested a settlement sum from the insurance company.
When Can I Expect My Settlement Check to Arrive?
Insurance firms must adhere to the time constraints and requirements set out by state law. The insurer’s accountants differ as to how long they need to release the settlement payment, but these dates include when they have to cut the cheque. You should anticipate the monies within the next two weeks after you are notified that your check has been issued. To find out the status of your check during this entire process, be sure to stay in contact with your attorney.
You can talk to your lawyer about receiving your settlement money as a structured settlement or as a lump payment. If you obtain a lump sum settlement, your whole payout will be paid to you all at once. If your settlement is structured, you will receive payments over time in equal installments. Furthermore, you may file your taxes with confidence knowing that the IRS permits settlements obtained in personal injury lawsuits to be deducted from your gross income. The settlement money you receive will not be subject to taxes.
Speak With A Skilled Personal Injury Lawyer in Las Vegas
Van Law Firm is able to assist you if you or a loved one has been injured in an accident. Make the most of your chances of success by getting in touch with the Van Law Firm office that is nearest to you right now. Our team of distinguished personal injury and premise liability lawyers in Las Vegas can examine your claim and make the at-fault parties liable for your losses. For a free case review and advice, please contact our office right now.
Article Source: ArticleBiz
