When you’re in the midst of a personal injury case, you might be concerned about the cost of the medical bills you’re incurring and the income you’ve lost because you’re unable to work. It’s natural to want to know how your settlement will be paid to you and how much you can expect to receive.
Keep reading to learn more about what to expect when it comes to receiving your settlement.
In most cases, a personal injury settlement will be paid out in one of three ways.
- You may be able to receive a lump sum payment, where you receive the entire settlement at once.
- If you receive a structured settlement, you’ll receive payments in installments. This can be a good option if the amount is very large or if minor children or persons with disabilities are involved.
- The other option is a trust fund, which is somewhat similar to a structured settlement. Trust funds are often helpful when the recipient has trouble managing money, has a disability, or is a minor.
Who will send me my money?
The “who” of who will send you your settlement money will depend on the circumstances of your lawsuit. Sometimes the party responsible for your injury could issue the payment, however, more often than not their insurance company will pay the settlement.
In most cases, whoever pays will send a check to your lawyer. Your attorney will first deduct their contingency fee which is a percentage of your settlement. They may then take out other expenses related to your representation. These expenses could include expert witnesses, court fees, and others.
If you received medical treatment through a lien arrangement, then you received that treatment in exchange for a promise that you’d use a portion of your settlement to pay for the treatment. If that’s the case, your lawyer will pay those costs from your settlement. The remainder of the settlement will then be issued to you.
How much will I receive?
There are a lot of factors that will go into determining the amount of your settlement.
The most important one is the severity of your injuries. The worse your injury, the more you’re likely to receive because a more severe injury will cost more to treat. For example, someone with a spinal cord injury is going to require much more and more expensive treatment than someone who suffered a broken arm.
Another factor that will determine your compensation will be the degree of fault of each involved party because New York follows a comparative fault rule. This means that your damages will be diminished in direct proportion to your percentage of fault.
For example, if you were 25% at fault and your settlement would have been $100,000, then it will be reduced by 25% ($25,000), so you will receive $75,000.
What can I expect after a settlement occurs?
As part of a settlement agreement, you will be asked to sign a liability waiver that releases the person who’s paying you from any future responsibility or obligations for your injuries. The insurer will then issue the payment for your settlement, and that will be it.
This release is why you’ll never want to accept a settlement offer without having a Long Island personal injury lawyer by your side. Insurance companies are notorious for trying to lowball accident victims, tricking them into accepting compensation that won’t come close to paying for all of their expenses.
Hurt and wondering how you’ll pay your bills? We’re ready to help.
A skilled attorney with Carner & DeVita will work hard to make sure you obtain full and fair compensation for the injury you suffered. We have a long track record of success in cases similar to yours, and we know how to protect our client’s rights at every turn. Schedule a free consultation by contacting us online or calling (631) 543-7070.