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How Are Car Accident Settlements Paid?

Posted on : September 22, 2021, By:  Ronald Slonaker
Ocala Accident Attorney

The most crucial aspect of any car accident settlement is when the victim is compensated. However, getting to that point is often more difficult than people would think. Here are the steps of negotiating an accident settlement and how a personal injury lawyer can help you.

First, Your Personal Injury Attorney Negotiates a Fair Settlement 

The first stage in every accident settlement is to try to reach an agreement on how much financial restitution a victim will receive. Your lawyer will speak with your car insurance company to discuss how much they are prepared to pay towards your claim. Once obtaining this information, they will recommend that you either accept the offer or  proceed to litigation. Although your lawyer can assist you, the final decision is yours to make.

Then, Your Lawyer Receives the Settlement 

When you reach a settlement agreement, you’re then required to sign a release form issued by your insurer. This demonstrates that in exchange for the settlement money, you promise to release all rights to your claim, including bringing forward a lawsuit. Your injury attorney will receive the full amount of your insurance settlement. 

Next, Your Attorney Pays Liens and Deducts Fees 

After your attorney receives the settlement check, they must pay various costs before the funds can be transferred. For example, liens filed against the settlement for medical expenses must first be paid by your attorney. After all liens have been paid, your attorney’s fees, as well as any administrative or court costs, will be deducted.

Lastly, You Are Paid 

Finally, your lawyer will present you with an itemized list of all fees and deductions taken from your accident settlement. Then, the remaining balance is paid to you. You are free to spend these monies in any way you see fit, such as paying for any outstanding medical expenses or getting caught up with late bills. 

While it may be enticing to reward yourself with a big ticket purchase after receiving your settlement , bear in mind that it’s possible you may require more treatment or become unable to work. You should ensure you have enough settlement funds to cover these potential costs since you cannot pursue any additional compensation for the accident.

Call an Experienced Injury Lawyer Today for a Consultation 

Injured in an accident? Call Ronald Slonaker 352.629.6656 or after hours at 352.777.8176. We are available now to help.