You may have to go through multiple stages prior to having the chance to get a settlement check. If you are wondering how personal injury settlements are paid out in the Sunshine State, you may need to consult with a qualified personal injury lawyer in Clermont, Florida.
The bulk of personal injury cases in the U.S. is resolved via a mutual settlement. Such settlements typically happen early on in the process, without unnecessary delays. However, it doesn’t mean that you will be awarded the check immediately. Continue reading about how personal injury settlements are awarded in Florida as the personal injury lawyers at MANGAL, PLLC in Clermont, Florida explain the entire process of settlement.
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Reaching an Agreement with the Party at Fault
Before the other party involved in the case pays for your losses, you must negotiate a settlement with them. In personal injury cases, negotiating a settlement can be complicated, but expert guidance from an experienced attorney in Florida can help you obtain the compensation you actually deserve.
Settlement negotiations could begin shortly after the incident that had led to your injury. While a few cases take months and sometimes, years to settle, a competent personal injury lawyer can resolve your case before it ever goes to trial. You just have a single chance to settle your injury case, therefore your final settlement amount should be able to cover all your losses. You may have to file the lawsuit prior to the timeline, specified by Florida Statutes § 95.11(3)(a).
Both Parties Will Execute Releases
For varied reasons, the party at fault and their insurance company will not just send you the settlement check as soon as you both agree to a settlement. The insurer would want to save the at-fault driver from paying your claim, and that will require resolving your injury case prior to issuing the settlement check.
Once your personal injury attorney in Clermont, Florida reaches an agreement with respect to your monetary recompense, they may also require negotiating the terms of the settlement agreement and final release. These documents must be reviewed and they should not contain language that may be used against you in the near future.
The final release makes clear that you forever surrender your right to seek this personal injury claim in exchange for fiscal compensation. The terms of the release will also make clear that you surrender your right to seek this claim against any party.
Possible risks can come along with a release. Some insurers may include language that may protect them from any other party that wants to seek compensation for the very same accident. A season injury lawyer can help ensure a victim that the terms of the final release are in their best interest.
You Might Have Liens to Resolve
Oftentimes, there are third parties – other than the defendant and their insurer – you need to deal with. Based on your insurance coverage, the medical service provider who treated you post-accident might have a lawsuit against your compensation. The lien may include the whole cost of your treatment.
You should resolve all of the treatment-specific liens associated with your injury case prior to obtaining your settlement amount. In some cases, your personal injury attorney in Florida may negotiate with the lienholders and resolve the liens with some discount. This means you may recover a larger chunk of your entire compensation.
The Insurance Company Will Send a Check to Your Personal Injury Lawyer in Florida
If your case is represented by a legal professional, the other party will possibly send a settlement check directly to your injury attorney. This reason is, that if your lawyer is handling your case on a contingency fee basis, they may also have a lien for their service fees on your settlement amount.
Once your layer receives your settlement check, it will be deposited by them into their trust account. This account exclusively holds client funds and has nothing to do with the funds of the legal firm. After all the fee-specific liens are resolved, your law firm will keep a portion of your final settlement as their fees. Thereafter, the firm will forward a check to you after deducting their legal fees.
Your Personal Injury Lawyer Will Give Your Recompense to You
This is the final step of the process. You will get a check from your personal injury law firm in Florida. Note that this check will be less than the total settlement amount awarded to you, as it will include deductions related to your legal fees and other expenses.
The amount you receive is basically the full settlement minus lawyer’s fees, court expenses, liens, and other expenses (if any) related to your case. The receipt of the settlement checkmarks the final resolution of your personal injury case.
Discuss Your Personal Injury Settlement with MANGAL, PLLC
If you are pursuing legal action post-accident, it will be beneficial to know how personal injury settlements are paid in Florida. Understanding the process could give you an idea of what your settlement will look like or how long it will possibly take to resolve your injury case. No one can estimate accurately how your personal injury case will resolve. However, the legal team at MANGAL, PLLC – Clermont Personal Injury Law Firm can review your case and suggest the best options to resolve your injury case.