When coming to the conclusion of a Personal Injury case you are met with two ways in which you may have won; either by a settlement or by a court verdict. When this is the case, you will often have a signed document to show so as an Arlington, TX personal injury lawyer can explain who has received a 10.0 rating from Avvo.
If You Have Come To A Settlement Agreement…
The other party, most likely the insurance company, has accepted liability and has agreed to compensate you due to the strength of your personal injury case. Most of the time, the insurance company pays within a few weeks after the agreement has been reached. At this time you will sign a release after your attorney has notified the court that the case has been settled.
If You Have Come To A Court Verdict…
When the judge has ruled in your favor, and has ordered the other party to be legally obliged to provide financial compensation, there still may be a few obstacles to get around.
In the instance the other party files an appeal, the court will reexamine the case. If the court once again decides in your favor, the only difference will be the delay of your payment. In this instance, the insurance company may be using the appeal to lower the settlement amount, or could be moving for a retrial. Either of these options ultimately lead to further delay within the process.
While most insurance companies follow injury case settlements and court orders, the instance in which your settlement goes beyond the scope of the opposing party’s coverage, you may find some trouble in receiving the money you are owed. While this may seem to be a big issue, a lawyer can use post judgement actions to help reward you the courts judgment.
After you have received the court judgement or settlement in your favor, there may be a few financial obligations to address before all is said and done.
As a part of representation, attorneys charge legal fees in which they claim on contingency. This means the attorney that represented you within the proceedings will take a small portion of your settlement or court judgement as payment for their work as your representation. In Texas there is a 35% limitation upon contingency fees, meaning the attorney representing you cannot take more than 35% of what you earned from your settlement or court ruling. Factors that affect the percentage of a contingency fee include the following:
– Complexity of the case
– Amount of time spent on the case
– Likelihood of success
– Location of the case
– Size of final settlement or ruling
You may also have to pay Medical or Government Liens. This may be the case when your medical provider or the government has placed legal claims upon your settlement or court ruling to ensure repayment for their medical services or expenses. In this instance, a lawyer can negotiate the final price of liens, however they are not often fully removed.
Lastly, you may have to pay taxes on your settlement or court ruling. While most personal injury cases are not taxed, there may be certain damages within your case that will be taxable. Examples of such damages include the following:
– Awards for lost income
– Interest on your settlement
– Previously deducted medical costs
– Punitive damages
In this instance be sure to consult your attorney to ensure all financial obligations are paid before moving forward.
After all financial obligations have been addressed, you will finally be able to receive the money you have been ruled to receive. Your attorney will work to ensure that you receive your money as quickly and easily as possible.
After receiving your money, you can move forward with your life. One option is to use this money to pay off your debts, invest in your future, or to just naturally enjoy it. Winning a personal injury case can be very long and challenging, but it is important to understand that as a client you are not alone within the process. At Brandy Austin Law Firm, our lawyers who have been rated by Super Lawyers will work tirelessly to achieve your best interests, and aim to obtain the compensation you deserve.
