After racking up medical bills and other expenses from an incident that wasn’t your fault, it’s understandable for you to want your compensation in your hands as quickly as possible.

An attorney with Lytal, Reiter, Smith Ivey & Fronrath will work diligently to help you do just that. We’ll aggressively fight to get you the most money possible for the suffering you’re experiencing and for timely compensation. Give us a call at (561) 655-1990 or contact us online for a free consultation.

how are personal injury settlements paid out

Types of personal injury settlements

If your case settles, you will either receive your money in one lump sum, or you might be paid through a structured settlement. The latter is when you’re paid over time, which can vary from a few months to a few years. An attorney can work with you to determine which form of payment will work best for your situation.

Will I have to pay taxes on my settlement?

In most cases, you won’t have to pay taxes on the damages you recover. But you may have to pay taxes if your case is based on a breach of contract. Punitive damages are also taxed. Your lawyer can give you more specifics on what is and isn’t taxable.

What if there was more than one plaintiff in my case?

You might have been in a car accident where multiple people suffered injuries and you’re all suing the same at-fault driver’s insurance company. In this instance, you’ll need an attorney to make sure you obtain the compensation you deserve for the injury you’ve suffered.

When will my check arrive?

Once you and your attorney agree that the insurance company settlement is fair, you’ll sign an agreement that will release the defendant from any further liability and end the case.

After you sign, the insurance company will send a check to your attorney, who will then put it in a trust or escrow account. After the check clears, your lawyer will deduct their fees, pay any other expenses or liens you may be responsible for paying (such as to your doctors), then they’ll send you a check for the remaining funds. It usually takes about six weeks from when you sign the agreement to when you’ll receive your money.

How much compensation will I get?

Generally speaking, the reason you’re looking for a settlement is that you deserve money to right the wrong caused by someone’s negligence. This money will go toward paying for your medical bills, making up for your lost wages, and helping you recover your other damages.

Every personal injury case is different, so the value of your settlement will depend on the severity of your injury.

For example, if you broke your leg in a car accident, you likely won’t receive as much compensation as someone who suffered a severe traumatic brain injury because it will cost much more to treat the TBI than the broken leg. Also, someone with a TBI will likely have other damages, such as loss of quality of life, which increases the amount of compensation.

What if the insurance company gives me a hard time?

You’d like to think the insurance company of the at-fault party would do the right thing and pay what they owe, but it doesn’t always work that way. Insurers are fiercely protective of their policies and will do whatever they can to deny you compensation.

That’s why you’re going to need a highly experienced Florida personal injury lawyer to investigate the accident. They’ll work to uncover the evidence to clearly show that you weren’t responsible for the accident that caused your injuries, that you’re injured, and that the negligent party should pay your damages. Armed with that evidence, they’ll negotiate a fair settlement on your behalf.

If the insurance company still refuses to pay you what you deserve, your lawyer will be ready to fight them in court.

Talk to us to learn more

If you still have questions regarding your personal injury claim, schedule a free consultation by calling (561) 655-1990 or contacting the Lytal, Reiter, Smith Ivey & Fronrath Florida personal injury lawyers by using our online form.

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