Monday, May 24, 2021

The Real Truth About Personal Injury Settlements

When people wade through the personal injury process, there is are a lot of lessons learned, which usually dispel a lot of popular myths. Entering into a personal injury claim comes with certain expectations, although it may be a good idea to temper expectations and here is why.

Settlements rarely go to court

Most settlements never make it to court. In fact, most settlements are wrapped up before a lawsuit is even filed That means no courtroom, no judge, no jury. Lawyers often spend time doing research on similar cases to identify what juries awarded plaintiffs in past cases. That is used as a basis to negotiate a settlement.

Payouts are not always sky high

Some people are quick to believe that a personal injury lawsuit is going to get a huge payday. That is not always the case. If the guilty party does not have the assets or funds to pay a high settlement, then plaintiffs must take what they can get. Their wages could be garnished, but if there is not much to garnish, then a plaintiff will not see a lot of money This often causes plaintiffs to accept smaller settlements.

Settlements do not take a long time

People tend to mistake the judicial process with a personal injury settlement. When reaching a settlement, there is generally no court process. This means that the matter can conclude as quickly as both parties reach an agreement.

Holding out is not always a successful strategy

There are people who are under the impression that holding out for a larger settlement payout is a good strategy. This may hold true once in a while, but the strategy fails more often than it works. The best bet is to listen to the advice of your personal injury attorney as they are experienced in handling settlements.

Settlements can be taxed

There is some wiggle room here as parts of a personal injury settlement can be taxed, although there are some parts that are nontaxable. When a settlement offer is received, it is divvied up into various parts, which include medical, lost income, pain and suffering and more. At that point, a personal injury attorney will be able to inform you of your tax liability. Then, you will be tasked with the decision of accepting the settlement or refusing.

If you have been injured are entitled to compensation, the top personal injury attorney Columbia, SC has to offer is ready to help you. Simply call LEIP Law today.