Personal Injury Settlement Calculator – A Helpful Breakdown
A personal injury settlement check is the end game when it comes to these types of cases. The case has gone well, your attorney was able to settle with the insurance company…then what next? There’s a lack of information when it comes to the personal injury settlement process so we decided to demystify the process in this short post.
Are you or a loved one looking for legal help to settle a personal injury claim? Wherever you are in the country, we have you covered thanks to our network of hardworking and friendly attorneys. Please give us a call NOW at (773) 825-3605 and speak with a best injury attorney at NO COST to you.
Here’s Where It Starts
Immediately your case settles, a ball is set in motion. It is however important to note that the journey isn’t technically over as the insurance company or defendant (should they have sufficient funds) will write up a check in the amount of the agreed upon settlement. This check will then have to clear, which can take a week or more, depending on many factors.
Legal Fees and Medical Costs are Next
However, when it clears, it is important to note that it will go into a trust account created by your attorney after you sign it. We may have you come to the office for the signing, or send a runner to you for the same. Before you are paid out for bodily harm, pain and suffering, lost wages and the like, your attorney will settle all bills owed. This typically includes medical costs, legal fees, transportation and other miscellaneous fees. Do not worry: this is standard, and removes a layer of anxiety had you been the one to carry out this process by yourself, you wouldn’t know where to start, and you may not know some of the secrets to help pay less than what you are owed by medical providers and other institutions.
It’s not uncommon for medical providers to issue a lien which is basically a legal claim that states they have the right to deduct their medical costs from your settlement. Therefore, the first chunk of cash goes out to any liens written up against the settlement.
Contingency or Legal Fees Come Next
Next up, your attorney takes out his contingency fee which on average is 30 percent of the settlement or an agreed upon amount as indicated in the legal agreement and documentation you have with the personal injury attorney.
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Last but not least is your remaining settlement which typically covers non-economic damages such as pain and suffering, loss of income, loss of consortium and so on. Expect this figure to be 50 percent of your settlement, sometimes more. This is only possible if you work with a best injury attorney and not go it alone, as you don’t have the experience negotiating with medical providers as well as recognizing the underhanded tricks used by insurance companies.
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Ready to talk to someone? Please give us a call NOW at (773) 825-3605 to speak with a best injury lawyer at NO COST to you. We look forward to helping you.