When it comes to personal injury settlements, people tend to come in with several expectations. Many times, these could be absolute myths or lofty aspirations that cannot be realized.
Here are some key facts that anyone about to go through the personal injury process must know about.
A larger percentage of settlements get finished before it ever becomes necessary to take them to court. Many cases in this area tend to be similar, and lawyers use this point (by researching old cases) to find the terms and negotiations and use them as a basis to negotiate an out-of-court settlement.
If you are among the many who think that a personal injury lawsuit can get you a big cheque, think again. In many cases, the guilty party might not have the funds or assets to pay out a high and mighty settlement amount. In rare cases, a part of their wages may be used, but even then, there is fair chance that the plaintiffs will have to accept what they get – which is usually a smaller amount.
Many think of personal injury settlements to be a long-drawn process. While that is true in a few cases, those are the exception and not the rule. As there is no court process in most personal injury settlements, these can be resolved as soon as the parties in question reach an agreement.
Many do consider waiting to and holding out to get a larger settlement payout as a good strategy. While this might pan to be true in some cases, those are too few and far in between. It is always better to act swiftly and listen to the professional advice offered by your personal injury lawyer.
Getting a payout? Remember that your settlement, just like any other type of asset you may own can get taxed. While some parts of a settlement are off limits when it comes to Texas, others can be divided into different parts (such as lost income, pain, medical expenses etc.) that can carry a tax liability. In such situations, getting the settlement might end up being costlier. Luckily, you do get the option to decide whether or not you would like to accept to refuse the settlement. Make sure to consult a local personal injury accident attorney in your area for the best local advise.