1How are personal injury settlements paid out?
Settlements are typically paid either as a lump sum or through structured payments over a set period.
2How much compensation can I expect from my case?
Your settlement depends on several factors, including medical expenses, lost wages, the extent of your injuries, and the insurance policy limits involved.
3What qualifies as a fair settlement offer?
A fair offer should fully cover your medical bills, lost income, future care needs, and compensation for pain and suffering.
4Can I decline a settlement offer?
Absolutely. Youāre not obligated to accept the insurance companyās first offerāyour attorney can negotiate for better terms.
5How long does it take to receive my settlement funds?
Most clients receive their settlement within 2 to 6 weeks after signing, depending on processing time and legal documentation.
6What if I develop new medical issues after settling?
Once a settlement is finalized, you cannot reopen your claim. Itās crucial to ensure all injuries and potential future issues are addressed before accepting any offer.
7Is my settlement taxable?
Generally, compensation for medical expenses and pain and suffering is not taxable. However, amounts related to lost wages or punitive damages may be subject to taxes.
8Can I get a loan while waiting for my settlement?
Yes, some companies offer pre-settlement funding, but be cautiousāthese loans often come with high interest rates.
9What if the defendant doesnāt pay the agreed settlement?
If payment is not made, your attorney can pursue legal enforcement through wage garnishment, asset seizure, or liens.
10Will I need to share my settlement with others?
You may need to pay outstanding obligations from your settlement, such as medical bills, child support, or legal fees, which are typically deducted before you receive the remainder.
