Personal Injury 101: How The Settlements Are Paid Out?
With any personal injury case, you want to be compensated for the injuries you sustained as a result of someone else’s negligence. The compensation is the settlement. It’s the amount of money you get to make up for your pain and suffering, medical bills, lost wages, and other expenses that you’ve incurred because of the accident or incident.
One of the most important questions you should ask your personal injury attorney is, “How are personal injury settlements paid out?” Any Brooklyn personal injury lawyer will tell you that it takes a lot of details to determine that.
Personal Injury Settlements Include Damages
The settlement amount is what’s called “damages” in a legal sense. These damages are divided into two main categories: economic and non-economic.
Economic damages include:
- Medical expenses
- Lost wages from time missed from work (past and future)
- Loss of earning capacity (past and future)
- Property damage
Non-economic damages include:
- Pain and suffering (physical)
- Emotional distress (including anxiety, depression, insomnia, loss of enjoyment of life, etc.)
After you’ve been injured in an accident, you probably have a lot of questions about what happens next. One of the most pressing questions is how personal injury settlements will be paid out. In some cases, settlements can be paid within a week. In others, it may take several months for you to receive payment.
It’s important to understand how personal injury settlements work so that you’re ready when the time comes to receive your money. The following article explains how and when personal injury settlements are paid.
Settlements vs. Judgments
If your case goes to court and you receive a judgment against the defendant, you have the right to collect the full amount of damages that were awarded. However, sometimes judgments aren’t paid out right away because defendants may appeal them or file for bankruptcy. If they do so, they can delay or even avoid paying.
In some cases, it can take years for plaintiffs who have won judgments to collect on them. Settlements are different because they’re agreements between parties who generally don’t want to face off in court. Settlement agreements are usually made before a lawsuit even takes place.
Since plaintiffs who settle their cases are giving up their right to sue and judges don’t need to review settlement agreements.
When you file an insurance claim or lawsuit, one of the most important questions is what types of damages you can recover. And a professional lawyer or attorney is absolutely critical to determining the exact damages that you can recover.
Any law firm will tell you the same and it’s true. But how do you even begin to choose?
Limit your search to lawyers and attorneys from reputed law firms only. Here at Brooklyn Injury Attorneys, P.C., we specialize in such cases and have a robust track record that speaks for itself.
Find your perfect Brooklyn personal injury lawyer with us today. Get in touch for fast results and professional efficiency.