Time To Get Paid: Understanding Your Personal Injury Settlement Or Judgment

At long last, the time has finally come for you to be compensated for your injury. Whether you are settling out of court or triumphed in court, you are about to get paid the monetary damages you deserve. The road toward this end, however, is far from short or easy. Read on to learn more about where the funds come from and who you will get paid for your injuries, pain and suffering, lost wages and more.

There must be a source of funds

One of the first things that have to be established when evaluating your case is verification of the means to pay. The at-fault party must have a way of making good on any requests for payment (demand letter), settlements or court judgments. In most cases, the at-fault driver has auto insurance, and that is who will supply the funds for the claim or suit. In other cases, the other guy has private funds to pay. Those funds can come from liquid assets, such as bank accounts, or from property. The potential for paying will be fully investigated before the personal injury attorney takes your case since you cannot get money damages without a source.

You may get offered a settlement

A settlement offer can come at almost any time, even after your case goes to trial. As soon as the other side knows about your injury and other damages, there is a potential to be offered a settlement. Settlements allow both sides to get the matter over with quickly, efficiently and at a lower cost than going to trial. The wording of the settlement often contains a special clause dictating when and how the funds will be paid to you. It should be noted that settlements are negotiable, including the way payment is made, the amount being offered, and all other aspects of the issue. For example, the final settlement may detail that $100,000 is paid to the plaintiff within 30 days.

Payment depends upon circumstances with a court judgment

If you end up having to have a judge or jury decide on your case, the payment of the damages depends on the source of the funds. The most common method of paying judgments is from auto insurance, and in most cases, they have a certain amount of time to cut you a check. This time can range from a few weeks to more than a month.

If the party was uninsured or under-insured but has assets, they will also be given a certain amount of time to pay the judgment. The courts have several remedies in their arsenal to ensure that plaintiffs get paid, such as garnishment and bank account levies.

Speak to your personal injury lawyer to learn more about how you will get the compensation you deserve.