Personal Injury Settlements: What Can You Expect?

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If you’ve suffered severe, even catastrophic injuries because of the negligence of another person, you may be left medically and financially devastated. The insurer of the at-fault party may balk at paying what your claim is worth. If this is the case and your injuries have left you unable to work, you may be unable to pay your normal monthly expenses and feel as though you are drowning in medical debt. You must get the medical treatments you need as well as a full and fair personal injury settlement. Insurance companies will often offer a quick, low settlement that will not even begin to cover all the expenses stemming from the accident. This is intentional—once you accept such a settlement you have no recourse.

Having a strong, capable, experienced personal injury attorney as your advocate during this difficult time can make all the difference in the outcome. When you choose Noteboom—The Law Firm, you can finally focus on getting better while we get you the settlement you deserve. We primarily take cases where individuals have suffered severe or catastrophic injuries through no fault of their own. We are passionate about justice and will aggressively pursue a full settlement on your behalf, whether that comes through negotiations or litigation. Either way, our highly skilled attorneys and staff are always thoroughly prepared and ready to fight for you and your future.

How Are Personal Injury Settlements Determined?

Each personal injury settlement is based on the specific facts of the case, including the following:

  • The severity of the injuries resulting from the accident
  • Whether liability in the accident is clear
  • What impact your injuries will have on you and your future and to what extent those injuries interfere with your daily life and work
  • How much your medical treatments will cost
  • Your level of emotional pain and trauma resulting from the accident
  • The expected duration of your medical treatments
  • The likelihood that you will recover from your injuries
  • The expected cost and duration of litigation

Your personal injury attorney can give you a good idea of what your personal injury settlement is worth. Personal injury settlements are either negotiated agreements or jury verdicts. The vast majority of personal injury claims are settled out of court, with only about 4-5 percent of personal injury cases going to trial. You need an attorney who is an exemplary negotiator as well as an aggressive litigator when the situation warrants. When you choose Noteboom—The Law Firm, you benefit from our vast amount of experience, knowledge, and skills, while also receiving highly individualized attention and care.

Are There Limits to Personal Injury Settlements?

While there are technically no limits to the amount of economic damages you can recover following a personal injury—such as an auto accident—non-economic damages are limited only in medical malpractice claims, and punitive damages in a personal injury claim cannot exceed an amount equal to the greater of two times the amount of economic damages, plus an amount equal to non-economic damages, not to exceed $750,000; or $200,000. Economic damages are those that are easily quantified—that is, there is an exact amount that corresponds to the damage. Medical expenses, lost wages, and loss of earning ability all fall under economic damages. Non-economic damages are less easily quantified and encompass pain and suffering—both actual physical pain as well as emotional pain and trauma.

Non-economic damages are much more subjective and, thus more difficult to place an actual dollar amount on. Punitive damages are awarded when the defendant acted in a particularly malicious or egregious manner. Punitive damages are also meant to punish the defendant and deter similar behavior among others, while economic damages are meant to cover actual losses incurred from the accident.

Are Personal Injury Settlements Taxable or Considered Income?

Generally speaking, personal injury settlements are not considered taxable income in the state of Texas. That being said, if your settlement includes compensation for lost wages or punitive damages, then those specific portions of your settlement could be taxable. To be sure you stay on the right side of the tax issue, it can be a good idea to consult with a tax professional following a personal injury settlement to ensure you comply with the law.

How Long Will It Take for Me to Get My Personal Injury Settlement?

While every settlement is unique, following a negotiated settlement agreement, you will usually receive your check within about six weeks. If your personal injury case goes to trial and the jury verdict is in your favor, you can also expect to receive your check within six weeks or so. It can be helpful to speak to your personal injury attorney from Noteboom—The Law Firm, to determine when you can expect a settlement check.

How will a Personal Injury Settlement Be Paid Out?

While there are exceptions, most personal injury settlements are paid either through a lump-sum payment or through a structured settlement arrangement. When you receive a lump-sum payment, you will receive all your compensation at once. A structured settlement provides your compensation in regular installments over a specific period. Lump-sum payments are the norm, but receiving a structured settlement could provide long-term financial security while also potentially limiting any tax consequences associated with your settlement.

How an Experienced Personal Injury Lawyer from Noteboom—The Law Firm Can Help

If you have questions regarding your personal injury claim, or if you are attempting to handle the matter on your own and are being offered an extremely low settlement offer, consider calling Noteboom—The Law Firm. We have been in this business since 1982, which means our level of experience is beyond compare.

Noteboom does not charge in PIP cases, and in all types of injury claims, you can rest easy knowing we will handle every aspect of your claim while you are given time to recover from your injuries. Our vast network of resources ensures that you will have access to expert witnesses, the best medical professionals, and our in-house investigator. At Noteboom—The Law Firm, we will never allow one of our clients to be taken advantage of by a large insurance company. We will fight aggressively for you, your future, and your rights at every turn, ensuring justice is served. Contact us today.

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