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How Your Personal Injury Settlement is Paid Out

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Personal Injury Settlements Are Paid OutCompensation in personal injury cases depends on a lot of factors. These include the injuries sustained and how the injured person responds to their treatment. It may take a while for the details of a patient’s recovery to become known. Some injuries take a while to present. Yet questions about how much a case is worth and how the money will be paid out are usually the first we get from potential clients. So, in the following post, we explain how personal injury settlements are paid out.

Two Types of Personal Injury Settlement Payouts

The amount of money you receive will depend on the nature of your injuries, the costs of your medical treatment, and their effect on your ability to work. Your attorney will negotiate with the insurance company to secure the maximum amount of money available in your case. After your lawyer and the at-fault party’s insurance company have reached an agreement, you will know how much to expect in the payout.

As you and your lawyer finalize the settlement, you will also agree on what form the settlement will take. Payouts for personal injury claims generally come in two types: a single lump sum payment or a series of structured payments over time.

While lump-sum payments are more common, some negotiations will result in a series of structured payments you will receive over months or years. This form of agreement tends to apply to situations where you require long-term medical care due to debilitating injuries.

In some cases, you may have the option to choose between these two forms of payout. If so, you can ask your attorney which option best suits your situation.

Lump-Sum Payments: Pros and Cons

A single payment for your injury claim offers a few advantages over a structured settlement. These include:

  • Immediate access to all your funds
  • The ability to spend or invest your money as you please
  • The possibility of paying for unexpected expenses that may emerge

However, receiving your entire payout all at once comes with some potential disadvantages, such as:

  • The possibility of losing much of your money through unfortunate investments
  • The pressure to give your money away to those around you

Structured Settlements: Pros and Cons

Structured settlements have advantages and disadvantages as well.

The pros of receiving a series of structured payments over time include:

  • The sense of stability that comes with knowing that you will receive a certain amount of money at regular intervals
  • The knowledge that you can continue to cover your expenses as time goes on
  • Less pressure to give money away

The cons of structured settlements include:

  • The inability to deal with sudden large expenses
  • Limitations on how much of your money you can invest at once

Receiving Your Funds

Personal Injury SettlementAfter your attorney and the insurance company agree on the terms of your settlement, the insurer will make out a check to your lawyer. Many personal injury attorneys, including the attorneys of Harris Keenan & Goldfarb, work on a contingency basis, meaning that your lawyer only takes a fee for their services after they have secured financial compensation for you.

However, before they take their fee, they may attempt to negotiate lower amounts for any medical or other debts you have incurred due to the accident. Then, after deducting their legal fees and costs, your lawyer will make a check to you for the remaining money from the payout.

Contact Us About Your Personal Injury Case

If you were injured in an accident in New York, speak to an experienced personal injury attorney as soon as possible. The skilled and knowledgeable lawyers at Harris Keenan & Goldfarb are proud to fight for the best interests of injured New Yorkers. We are committed to making the claims process as swift and effective as possible. Our legal team will work to recover the full and fair compensation you deserve while you focus on recovering your physical health.

The attorneys at Harris Keenan & Goldfarb look forward to offering you the excellent legal counsel you deserve. Call us today at 800-PAIN-LAW or contact us online for a free consultation to learn more about your legal options.

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Frequently Asked Questions

When you have suffered an injury, it can be difficult to know what to do next. If the injury was caused by someone else’s negligence, you may be entitled to compensation. However, filing a personal injury claim can be a complex and time-consuming process. An experienced attorney can help you navigate the legal system and fight for the maximum possible compensation.

The first step is to consult with an experienced personal injury attorney. They will be able to review the facts of your case and advise you on whether or not you have a valid claim. Even if you do not have a strong case, an attorney may still be able to help you recover damages through negotiation with the other party’s insurance company. If your case does go to court, the judge will consider various factors in order to determine whether or not you are entitled to compensation. These factors can include the severity of your injury, the cost of your medical bills, and the amount of time you missed from work.

The answer depends on a number of factors, including the severity of the injury, the insurance coverage available, and the type of accident. In general, however, if you have suffered a serious injury that will require extensive medical treatment or result in long-term disability, you should speak to an attorney as soon as possible about your legal options. An experienced personal injury lawyer can help you navigate the complex claims process and fight for the compensation you deserve.

There are a few things to consider when choosing a personal injury attorney. First, you want to make sure that the attorney has experience handling cases like yours. Second, you want to make sure that the attorney is licensed to practice in your state. Third, you want to ask about the attorney’s success rate. Fourth, you want to make sure that the attorney has a good reputation. Finally, you want to make sure that you feel comfortable with the attorney. Do not hesitate to reach out to us to schedule a free consultation to determine if we are the best choice for your case.

Once we decide to take on your case, we will then begin gathering evidence and investigating the accident. This may involve interviewing witnesses, reviewing police reports, and obtaining medical records. Once we have gathered all the necessary information, we will then work with you to build a strong legal case. If an agreement can’t be reached out of court, our attorney will then take your case to trial. Throughout the entire process, your attorney will be by your side, fighting for the compensation you deserve.