December 01, 2024
If you’ve filed a personal injury claim in Indiana, you probably ask yourself, “How are personal injury settlements paid out?” It’s a good question, and knowing how settlements are paid out is important for understanding what comes next. This knowledge clarifies and helps you plan your financial recovery more effectively and make informed decisions about your future.
Step 1: Reaching a Settlement
The process of receiving your personal injury settlement starts when you and the other party agree on an amount that works for everyone. If you reach an agreement, that’s great news because you will receive the money you need without the hassle of a court trial.
Remember, though, that settlements can be lump sum payments or structured settlements. Structured settlements offer payments made in regular amounts over a period of time rather than a large sum of money all at once.
Step 2: The Role of Your Legal Team
Your legal team will make sure you get your settlement quickly and fairly. Once you agree on the amount you’ll receive, your personal injury lawyer will help you with all the necessary paperwork and make sure everyone signs the proper documents. One important document is a release form. Under Indiana law, you won’t be able to make any more claims against the person or company responsible for your injury.
Step 3: Deductions From Your Settlement
Before you get your settlement money, there may be some deductions that are taken out:
- Medical Expenses – If you received medical treatment after your injury, those bills may need to be paid from your settlement money. Your attorney can negotiate with healthcare providers to reduce your medical bills.
- Legal Fees – Your attorney’s fees, usually a percentage of your settlement, will be deducted. This contingency fee structure means you only pay your attorney if you win your case.
- Other Liens – If other organizations, like your health insurance company, have paid for costs related to your injury, they might want a part of the money from your settlement.
Step 4: Receiving Your Settlement Funds
After completing all the necessary deductions, your lawyer will hand you the remaining settlement money. Depending on how quickly the insurance company gets the payment processed, this can take a few weeks after you’ve reached an agreement.
If your settlement is structured, you’ll receive your funds according to the agreed-upon schedule. This might be monthly, yearly, or another periodic arrangement.
Factors That Impact Your Settlement Amount
The amount of money people receive for personal injury cases can differ from one case to another. Several important factors can affect how much someone might get in a settlement, such as:
- Medical Expenses – Costs for past and future treatments
- Compensation for Lost Income – Payment for time missed from work
- Pain and Suffering – The emotional effects of your injury
- Punitive Damages – These are extra payments a person may receive when someone else has acted unjustly, with the goal of punishing the wrongdoer for their actions
Your legal team will examine these key factors to make sure the settlement meets your needs.
Avoiding Common Pitfalls
When dealing with a personal injury claim, having an experienced lawyer is vital. Insurance companies often try to pay out as little as possible, which means the first settlement offer you receive may be far less than you deserve. This is where working with an experienced personal injury firm makes a difference. Your attorney will make sure you don’t settle for less than you deserve.
Structured settlements can be a good option if you need a steady income over time. They might not be the best choice if you need quick access to a large amount of money for things like medical bills.
Hiring a legal professional to assist you in comprehending the most suitable options available is one of the most beneficial actions you can take for your well-being.
Why Hire a Personal Injury Attorney?
Dealing with a personal injury claim on your own can be stressful. Having a skilled lawyer can help you get the most money possible. They can also make sure you understand how the settlement process works. Getting help from a trusted Indiana personal injury attorney removes much of the confusion if you’re in Indiana.
Custy Law Firm | Accident & Injury Lawyers focuses on personal injury cases. Our law firm offers free consultations to review your situation and help you get the money you deserve. Call (219) 286-7361 today or contact us online to take the first step toward receiving fair compensation for your injury.
