Personal Injury Settlements
Finalizing and Accepting Personal Injury Settlements – Alpharetta.
Personal injury settlements refers to agreement reached between two parties in a civil lawsuit. In a settlement, one party offers an amount of money to try to keep the case from going to trial in the hopes that the other party agrees. Parties often agree on personal injury settlements, Alpharetta before a case goes to trial. Once you and the adjuster agree on a personal injury settlement, the last step is to confirm it.
Write a short letter to an adjuster detailing an amount agreed upon for your claim, the damages it covers, and the time it’ll take for an insurance company to send you all the necessary documents. You should have a written record to prevent an adjuster from going back on his or her word. If an initial settlement offer isn’t sufficient, you may hold a settlement conference to push for more cash or pursue a trial hoping that the court will award more money in damages than a settlement offer.
Receiving Your Offer by Mail
Many personal injury settlements, Alpharetta involve the payment by the insurance company to a plaintiff in exchange for a plaintiff signing the release for a claim. This legal document releases a person who caused your injuries and his or her insurance company from further claims related to your injuries.
An insurance company sends the check for an agreed upon settlement. A settlement check will be endorsed and deposited into a bank account of a plaintiff. It often takes five working days for a check to clear a bank. No disbursements will be made from a settlement check until it clears a bank since co-mingling violations would occur.
What to do When There is No Offer
Insurance claims are often resolved through an agreement. If an injured party and the company or individual that negligently caused the injury cannot reach an agreement. Then a claim is resolved through the judicial proceeding. If mediation or arbitration is unsuccessful, you and your Alpharetta personal injury attorney may continue to trial.
An insurance company is in a business of settling claims. They know if you retain an Alpharetta personal injury attorney, you will pay one-third of your settlement award as attorney’s fees. They’ll only offer you two-thirds or less of what your claim is worth if you do not have a reliable and experienced personal injury attorney, Alpharetta.
Liens on Your Settlement
Health care providers who treated the plaintiff can file liens. The existence of such liens is a complicating factor in a trial or settlement of a personal injury case. An entity that paid all or part of the plaintiff’s bills that may include the following. Auto insurance companies, health insurance companies, the city, state, or county may also file liens. Furthermore, a plaintiff may receive worker’s compensation benefits due to the accident. As a result, the insurance carrier will be entitled to reimbursement as well. Liens are created either by prior agreement or by statutes.
Rulings have been made on different cases, and laws have been passed that have strengthened the rights of lien holders to obtain recovery from the personal injury settlements of a plaintiff. Quite often, there’s very little money left over for a plaintiff after the lien holders have collected their money.
Tax on Your Settlement
As a general rule, compensation for personal physical injuries where payments are for lost profits or lost wages isn’t taxed. Emotional distress isn’t considered a physical injury; therefore damages for emotional distress are included as taxable income.
Non-punitive damages and other amounts that you receive for your personal injuries are excluded from the taxable income. However, punitive damages (damages representing punishment to the defendants engaging in conduct that causes injuries to another party) are taxable, even if they relate to the physical injury.
Personal Injury Settlements
Are you looking for a Personal Injury Settlements attorney in Alpharetta, contact Singleton Law Firm, LLC today. Call us (770) 889 6010 or use our contact form to book FREE evaluation and consultation.