If you have been injured through no fault of your own, it is understandable for you to wonder how your personal injury settlements might be paid out. Your personal injury settlement could take many forms depending on the specific details of the agreement. An attorney from our firm can help you pursue a fair settlement.
There is no way to predict how your personal injury settlement might turn out. However, our firm can work tirelessly to help you get the most out of your case.
There Are Different Ways You Could Receive Your Settlement
When it comes to how the defendant pays out your settlement, you might have different options. These options are not available in every case, but they are not unusual in personal injury settlements. The options include receiving a single lump-sum payment or several structured payments over the course of months or even years.
You Could Receive a Single Payment
The most common way to resolve a personal injury case is through a lump-sum settlement. With a lump-sum settlement, the defendant or their insurance company will make a single payment. Once this payment has been made, the case will come to an end.
You Could Receive Several Payments Over Time
Most personal injury cases are resolved through lump-sum payments. For a number of reasons, this is not always the case. In some situations, a settlement could involve structured payments made over the course of several months or years.
Some defendants – especially those without insurance – might lack the financial resources to settle an injury case all at once. There are times when insurance companies might offer a larger settlement if it is paid out over time instead of all at once.
Whether or not a structured settlement is a good option depends on your circumstances. There could be tax implications for accepting a lump-sum settlement, but your attorney can advise you on your options.
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Your Attorney Can Negotiate the Terms of Your Settlement
In order to recover monetary payments for your injuries, your attorney must first negotiate the terms of your settlement with the other side. These negotiations typically occur between your attorney and either an insurance adjuster or the defense counsel.
These negotiations should cover every aspect of your personal injury settlement. Settlement negotiations begin with the total dollar amount of your recovery, but there are additional factors that determine what your settlement is worth. Your settlement should include everything from the cost of your medical care to compensation for your physical pain.
Negotiations will also cover the terms of the settlement and release. This includes deciding on a lump-sum payment or a structured settlement. There are also specifics to work out regarding confidentiality. It is not uncommon for settlement negotiations to cover non-disclosure agreements, as well as language that absolves the defendant of any liability for your injuries. All of these details must be resolved before you can recover any of the damages you are owed.
It Is Important to Understand Releases and Attorney Liens
There are additional steps to take after you negotiate your settlement. Before you receive your monetary compensation, the insurance company will require that you release your claim. The settlement agreement and release will spell out the terms between the parties. In exchange for releasing your right to file a lawsuit based on this claim in the future, you agree to accept a financial settlement.
If you receive a lump-sum settlement, the check from the insurance company will likely have more than one name on it. In addition to your own name, the check will likely be made out to your attorney, as well.
Your attorney has a lien on your settlement. Before you have the right to recover your compensation, the attorney is entitled to recover their share of the settlement. Once the attorney has taken their share of the settlement, you will receive the remainder. This step brings your personal injury case to an end.
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Do You Have to Pay Attorney’s Fees Before Winning a Settlement?
While some personal injury law firms charge upfront fees to start a case, we do not. We can begin working on your case immediately, and we only accept our payment if we secure compensation for you. This way, you won’t have to risk further losses, and you’ll know we will work hard to secure your settlement.
Our Attorneys Can Fight for Fair Compensation
Helping you understand how personal injury settlements are paid out is only one of the ways our firm could assist you with your case. Our team is ready to investigate the facts, demonstrate another party’s negligence, and pursue compensation from all of the responsible parties.
The team at Bader Scott Injury Lawyers is prepared to fight for fair compensation on your behalf. We will be by your side from the moment you hire our firm until your settlement is paid in full. If you are ready to learn more about how we could help, call 404-888-8888 as soon as possible for your free consultation.