How are personal injury settlements paid out?

Receiving a settlement should be fast and easy once it is agreed upon. However, some issues frequently arise. At Smith Jordan Law, we aim to help you every step of the way to get the compensation you are owed. As a result, if you anticipate a claim or hope to receive a settlement, it is worth working with our Greenville personal injury lawyer to ensure the process goes smoothly. This can reduce your concerns about when you will receive the compensation you are owed.

how are personal injury settlements paid out

How is a personal injury settlement paid?

There are two types of settlement options: lump sum and structured settlement, which is paid out over several years. Lump sum payments are the most common type of settlement.   Structured settlements are frequently used when a damages award is very large. Both options are still subject to medical bills health insurance reimbursement and attorney fees.

Does the personal injury settlement pay off liens?

If there are bills from medical providers, those are paid. It is a good idea to speak to your attorney about any type of financial compensation that may go to these requirements first.  Your attorney should seek reductions for medical bills to be paid out of the settlement. Additionally, if health insurance covers any of your medical bills, you may have to pay the health insurance company back out of the settlement. Additionally, if you borrowed money from a loan company before the settlement, then this will also get paid back out of the settlement

Will attorney fees come out of my settlement?

All attorney fees are also paid from the settlement. You should know what these fees are as you head into a relationship with an attorney. They should clarify what you can expect throughout this process. Fees range widely, but you should know what to anticipate when you sign the contract with your lawyer

When do I receive the portion of my personal injury settlement?

Once all other debts are paid, the remaining amount is sent to you, the victim.  You will receive a check written in your name. While it is often impossible to know the exact amount you will receive when you agree to a settlement, your attorney should give you an approximate amount that you will receive when deciding whether or not to accept a settlement.

Set up a free consultation to discuss your case with our legal team now

Our personal injury attorneys in Greenville will work to help you understand how much compensation to anticipate in your specific circumstances and how it will be sent to you. Contact Smith Jordan Law to discover how personal injury settlements are paid out in your case and the amount you will receive. We offer free consultations with no obligation. Call (864) 343-2222 now.

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