If your attorney fails to take care of your outstanding liens, the creditors holding the liens can initiate a civil lawsuit against you. Your lawyer also receives the contingency fee that you both agreed to before filing the personal injury claim. In short, just compensation represents the full amount of money that you deserve for suffering from an injury. An experienced personal injury attorney can help you place a value on what you deserve for just compensation.
Here are a few factors to consider for just compensation before agreeing to a settlement of your personal injury claim:. A long-term prognosis allows your lawyer to calculate future costs, such as medical bills and daily living expenses.
You should receive a prognosis from a neutral physician who does not have a vested interest in your personal injury claim. Unlike medical bills and lost wages, pain and suffering is not easy to quantify. Mental and emotional distress typically form the basis for pain and suffering compensation. Your personal injury attorney can walk you through the process for receiving a professional prognosis of your mental and emotional state.
We already mentioned a delay in the submission of the proper paperwork, which can be as long as 60 days depending on the state where you live. What are the other potential issues that could delay the reception of your settlement check? Sixty days is a long time to wait for money that you need to pay medical bills and have enough over for daily living expenses. How long it takes for you to receive a settlement check depends on several factors that include the type of personal injury case and the type of insurance policy held by the defendant.
The most effective way to speed up the settlement check process involves hiring an experienced personal injury lawyer. Your attorney expedites the process by preparing and submitting the proper documents for processing. An experienced lawyer carefully reviews every document to prevent delays. One missing signature can delay your just compensation for a couple of weeks. Legal counsel also thoroughly explains how the impact of liens can slow down the processing of your settlement check.
Hiring a personal injury attorney helps you track your settlement check. Since your lawyer receives the check for dispersing funds for liens and the legal contingency fee, your attorney is the one responsible for monitoring the processing of your settlement check. Suffering an injury that was not your fault can produce life-altering financial consequences. Be proactive by hiring an experienced personal injury attorney to fight for your rights, as well as track your settlement check.
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Back Business Litigation. Back Civil Rights. This means the plaintiff must keep any settlement amounts or other matters private. This insurance company has a legal obligation to write the check as soon as it receives your release, but internal issues may slow this process. Some states have deadlines for when the defendant must provide the settlement funds after receiving the release form.
Some laws may require interest on the funds from the date of the receipt of the release form, which provides an incentive for the defendant to pay promptly. Insurance companies have strict internal procedures for issuing checks. In most cases, the company will make this check payable to both you and your attorney. The insurance company sends the check to your attorney, who needs to deduct certain funds before you can receive your money. This ensures the insurance company has the funds to cover the check, so it remains there while the bank clears the check.
Once the check clears in the escrow account, your attorney can begin to disburse the funds. Your attorney will have to pay any outstanding liens. These are any pending debts you may owe to certain entities related to either your case or another charge against you. Your attorney must pay these unsettled liens out of your settlement funds before releasing the check. Before hiring your attorney, you should have reviewed and signed a payment agreement.
Your attorney will deduct his or her share from the settlement funds for the legal services that he or she provided and for any expenses that they advanced for the case, such as costs for filing fees, accident reconstruction, gathering and preserving evidence, expenses related to discovery, expert witnesses, and other services necessary for trial preparation. You need to feel confident that you receive full and fair compensation for all of your injuries and losses before signing the agreement.
An experienced personal injury lawyer can help you assess the amount and extent of your losses, but you need to understand the full cost of your injuries, too. Payment options are another important consideration. You need the settlement funds to pay bills and possibly replace your income. You may choose to receive your compensation as a single lump sum. That means that the claimant will receive the total amount of the settlement in one large payment. Alternatively, you may receive your compensation as a series of periodic payments in the form of a structured settlement, which are usually paid through annuities owned and administered by life insurance companies.
Structured settlement annuities are usually tailored to fit individual needs, taking into consideration the amount and frequency of payments as well as other factors. Once agreed upon, you cannot change the terms. Once you have signed the completed release, it generally takes about six weeks to receive a settlement check; however, it can also take much longer.
The fasted way to bring your case to the best conclusion for you is the hire an experienced personal injury lawyer. Your attorney may expedite the process by preparing and providing you with the necessary documents. You should review these documents carefully and return them promptly. If you have any questions or concerns, do not hesitate to ask. Liens may slow down the settlement check process.
You may wish to discuss certain liens with your attorney to speed up the resolution of these debts. Completing the settlement process requires close attention to detail. After your attorney has deducted all liens, fees, and expenses , he or she will write you a check for the remaining amount of your settlement. You may wish to consult a personal injury attorney to determine the tax consequences, if any, of your settlement money. Now you can begin your financial recovery and plan your post-injury life.
For more information or a free consultation, you should contact an experienced personal injury attorney today. There are many causes of car accidents. However, some occur more often than others. If you suffered an injury in a car accident, it is important to understand w You were in a car accident and you suffered serious injuries.
A personal injury settlement is some amount of money a defendant pays to a plaintiff in a personal injury case. If the plaintiff accepts this settlement, the case does not proceed to trial. This is how most personal injury cases end, rather than in a jury verdict. To arrive at a settlement, both the defendant and the plaintiff will come up with rough estimates of what they think the case is worth.
If the plaintiff is likely to win at trial, the defendant may choose to accept a higher settlement offer. Once either side makes an offer that is acceptable to the other, both sides will sign a settlement agreement. The plaintiff will also sign a release giving up all future right to pursue a lawsuit against the plaintiff. This process is one reason it is so important to have a personal injury attorney. Without an attorney to advise you, an insurance company might convince you to accept a lower settlement than you deserve.
One of the key factors in a personal injury case is determining liability. Determining liability for an accident depends on whether someone was careless or negligent. In this case, it may take a while to arrive at a settlement amount.
There may also be problems determining damages. They will investigate every facet of liability.
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