Accident Settlement Money
If you suffered injuries or damages after a car accident, you may have a car accident claim. If you think you’ll likely win a settlement, you probably want to know where the money goes. Here’s what you need to know about car accident settlement money.
The primary purpose of your settlement is to pay medical bills. While doctors may work with you to decrease your bills, you must pay for any unpaid medical costs. In some cases, a medical provider may be able to file a lien against your claim. This gives the medical provider the right to collect any unpaid medical bills from your settlement.
In addition to medical bills, your insurance company may also file a lien against your settlement. If your insurance pays for your medical bills, you will have to reimburse the insurance company for the price it paid.
When you hire a lawyer, you have to consider the costs associated with him or her. Most personal injury lawyers work for a contingency fee. Your lawyer only receives payment after you receive the settlement. If you do not win your case, then your lawyer will not receive the compensation. Most lawyers work for around 30% of the payment. Some lawyers may charge more or less, depending on the case and the specific lawyer’s experience.
In addition to the cost of the lawyer, you have to take into consideration the court fees. You may need to pay for filing fees, witnesses, police reports and more. Some lawyers will charge you as the fees come up, whereas others may send you a monthly bill for the various fees. Once you receive your settlement, the lawyer will take his or her cut.
Once the money goes towards your medical debt and lawyer fees, you receive the rest of the settlement. Keep in mind that even though you have to pay lawyer fees, plaintiffs who use the service of a lawyer tend to have a higher payment and receive more money following the settlement. When you don’t have a lawyer, you are less likely to win your case and the insurance company may push you to accept a low payment.
When it comes to your car accident settlement, you should receive payment shortly after winning your case. If an insurance company is paying you, your payment will arrive quickly, compared to filing a claim against an individual. To ensure you receive your settlement, set up a consultation with a car accident lawyer from a firm like Greenspan & Greenspan P.C. as soon as possible.