When there is a settlement in a personal injury case, you may have a mix of emotions, but you are ultimately happy to finally find a resolution. However, the most common question you may have is: How much do I keep from a personal injury settlement?
It's no wonder why. You're in pain. Someone else caused your injuries, and you have medical bills, treatment costs and more. There should be no cost to you. How much money you will receive if you win your case will depend on a variety of factors, though.
Before we summarize the factors to determine how much you take home, we urge you to consult the personal injury lawyers at Brandon J. Broderick, Attorney at Law, if you have questions about your legal matter.
How Severe Are Your Injuries?
When someone files a personal injury lawsuit, they are seeking compensation for their pain and suffering, financial losses, future losses, and the long-term impact an injury may have on their life. When determining the value of the case, it can greatly depend on the severity of your injuries. Serious injuries, especially those from which a full recovery is not possible, will increase the value of the case.
Who is At-Fault For The Accident?
In most states, you are entitled to compensation for injuries sustained in an accident. The at-fault party's insurance is generally responsible for paying compensation. However, some states have laws that allow for shared fault called pure comparative negligence, where you can collect compensation even if you contributed to your injuries as well.
In situations when responsibility is in question, working with a personal injury attorney is extremely important. If you are assigned a larger percentage of fault, it could mean a smaller amount of the settlement award.
A Settlement Has Been Reached: Do I Get Paid Right Away?
Certain expenses must be deducted from the compensation you were awarded either in settlement or court judgment once your case is resolved before you are paid. These fees consist of:
Attorney's fees: When you hire your attorney, he or she should have disclosed the percentage they work for, which is generally 33.33% of the settlement, if successful, and on contingency. Any compensation you are awarded, the attorney's fees are the first thing that is taken.
Case expenses: You will also be held responsible for case expenses, such as the cost of copies, shipping for pre-suit cases, as well as the cost of medical documents. These expenses will also be deducted from your compensation.
Medical costs and/or liens: To cover bills you owe for medical care received, medical providers, health insurance providers, and related companies may place a lien, or hold, on your settlement or judgment. Your payout will also be used to pay off these bills and liens. However, if you have an experienced pi lawyer, who has your best interests in mind, will engage in lien negotiations to lower your debts and leave you the most money to take home.
Don't Do This Alone. Our Personal Injury Attorneys Can Support You
When you retain the services of Brandon J. Broderick, Attorney at Law, our team of personal injury lawyers will do everything in our power to leave you with the highest settlement amount we can. We will work to reduce your debts and maximize your compensation.
Contact us if you are in need. We offer free consultations and can give you valuable advice.
Brandon J. Broderick, Attorney at Law, services the Tri-State area, including New York, New Jersey, Connecticut, Vermont, Massachusetts and Pennsylvania.