When you sue another party for personal injury, your might have dollar signs in your eyes as you realize the amount of your settlement. Before you start planning your next vacation, take time to go over all the expenses that will need to be paid out of your settlement. The following outlines how your settlement will be distributed.
Satisfying Medical Liens
Many medical providers will offer their services without requiring you to pay upfront, but they will put a lien on your settlement. This is one of the first things that will be satisfied with your settlement. Depending on the state in which you live and how things are handled in that state, your medical provider’s names could actually be listed on the settlement draft. They will be paid right from the settlement, so you won’t have to worry about making the payment yourself.
Making Good on Attorney Fees and Costs
Many personal injury lawyers charge on a contingency fee basis. This means you won’t have to pay the lawyer out of pocket before you can use his or her services, but it also means you won’t have to pay him or her at all if you don’t win the case. If you do win the case, his or her fee will also come out of your settlement before you see any cash yourself.
There are other legal costs associated with personal injury cases as well, and your lawyer should speak with you about how those will be paid. If you determined they would come out of the settlement, the lawyer would also make good on those first.
Satisfying Other Liens
If your health insurer paid for any of your medical bills, they may have put a lien on your settlement. Other entities that might place a lien on a settlement include government-run programs such as Medicaid, Medicare, Veteran’s programs and other similar groups. Those liens would be satisfied out of your settlement as well.
Taking Your Compensation
After all liens, fees and agreed-upon costs have been satisfied, you would receive the remainder of your settlement as compensation. It’s important you plan for the future rather than blowing it all on other things. If you go buy a new boat, but your condition requires future medical care, you may not have the money to pay for that care, and your case would be closed.
Contacting an Attorney to Walk You Through the Case
It’s not easy to figure out how things work after you are awarded a settlement. To get help with your case, contact experienced Elizabeth, NJ personal injury lawyers, such as from Rispoli & Borneo, P.C., today.