After a personal injury, victims often face significant medical bills, lost income, and other indirect expenses related to their injury. When they need funds to cover these costs, waiting for the rent they need can seem like an eternity. So how long does a victim need to wait for their compensation?
In 2018, 46.5 million personal injuries resulted in over 1 billion dollars in costs. When a victim of a personal injury needs money to cover their expenses, they cannot afford to wait any longer than necessary.
How the settlement reaches the victim
When the lawyers on each side of the personal injury claim reach an agreement about the solution’s value, there is still a long way to go before the victim receives their compensation. So why doesn’t the liable party cut a check at the final agreement? Personal injuries often incur costs, like medical expenses and property repair.
The funds that both parties agreed to first go towards the victim’s expenses. If the plaintiff previously paid any costs like medical bills or repair expenses, they will receive reimbursement for them. The attorney will need to confirm that no medical providers or creditors are still waiting for payment before moving forward.
Once the attorney oversees that all expenses tied to the injury have received payment, the settlement goes unto the next step: paying the attorney. Attorney fees, filing fees, and court costs all come out of the settlement. It may take some time for an attorney to gather a statement of services to confirm the expenses that come out of the settlement.
Once all the injury costs and legal fees have received payment, then the compensation reaches the victim. At this point, an average amount of six weeks has passed from the agreement of the settlement amount to when the plaintiff receives the remaining settlement.
To ensure that the plaintiff will not have to pay any other unexpected costs from their settlement, lawyers take the necessary time to ensure that the compensation properly pays for everything. Without this precaution, a victim of an accident may be responsible for hidden medical costs, and not have the funds to pay for it months later.
