How Are Personal Injury Claims Paid?
If you’ve suffered through an injury, you may be owed money for the suffering, costs, and hardships you experienced. But you need your funds as soon as possible, and you may be unsure how to get them.
If you’re unsure how personal injury claims are paid, speaking with a personal injury lawyer can give you the answers and comfort you need. Your lawyer can give you claim-specific advice about your situation and your options for a settlement.
Know What Your Claim Is Worth
Before you ever file your claim, you need to know the value of your losses. For example, you may have some idea about what your economic damages are worth. This form of compensation is designed to cover the tangible or financial costs of your injury, and they can add up quickly.
But what about your non-economic damages? This compensation is meant to cover your intangible forms of suffering that can add up as well, but you may have trouble calculating their value. For example, how do you find the value of emotional trauma or pain and suffering?
Your personal injury lawyer has the tools to determine both economic and non-economic damages. If you’re unsure what your claim is worth, seek out a lawyer before you seek out funds from the liable party.
Structured Settlements vs. Lump-Sum Payments
Once you and your lawyer have navigated your claim to a favorable outcome, you then need to know how you’ll receive your settlement. Typically, there are two options: a structured settlement, or a lump-sum settlement.
A structured settlement gives you regular payments on your settlement. That makes it easier to distribute your funds over time, rather than all at once.
A lump-sum payment gives you all your money at once. This settlement type can be helpful for those worried about paying off all their expenses, but it does mean the settlement is over and you won’t receive future payments. That puts the responsibility of managing the funds in your hands.
How Do I Choose?
Choosing the right settlement options for you depends on your preferences. Your lawyer can advise you, but the decision is up to you.
While this decision is yours to make, your personal injury lawyer can make the process of getting your money easier. If you’re struggling to get answers and the funds you need after a serious injury, reach out to a reputable lawyer for answers.
Talk with a Personal Injury Lawyer about Getting Paid
When you’re hurt in a serious accident, you could have grounds to seek compensation for your injuries. But how do you know exactly what your settlement is worth, and how your settlement will be paid out?
If you’re worried about your future, reach out to a lawyer at Halperin Law Center. We will fight to find you answers you need. And our pledge is to work doggedly to obtain a settlement that addresses all the ways the incident negatively affected your life. Start with a free consultation by calling 804-527-0100 or by completing the following online contact form.