Personal injury cases that result in a settlement for the plaintiff can help to cover the costs of medical expenses and provide compensation for time lost from work, pain and suffering, or any number of other injury-related expenses. Your personal injury attorney will work to get you the best settlement possible, but you'll want to know exactly what happens to the money after you win your case. Here are a few things to be aware of.
Your Attorney Will Receive the Check
In many cases, the personal injury attorney will receive the settlement check directly. This is to ensure that the lawyer gets paid for services rendered. It may be held in an escrow account until the money is ready to be disbursed to all of the involved parties. Once the agreed-upon payment amount is collected by the attorney, the remainder of the settlement can be allocated as required. Your attorney's office should be able to provide you with documentation showing the amount of the check and the amount of any fees paid out before disbursing your portion of the settlement.
Medical Liens
Before you can collect your settlement, any money owed from a medical lien must be paid first. If you have accrued medical bills as part of your injury, your lawyer will submit a letter of protection to the medical care provider. The letter of protection guarantees that the amount owed will be paid out of the settlement agreement, and your personal injury lawyer will issue the payment to the medical care facilities out of the remainder of your settlement.
Court-Related Costs
Court-related costs may be included in the fee the attorney charges you or they may be billed separately. If they are billed separately, you'll need to pay these costs before you receive any money from your settlement. This could include the cost of having a court reporter during a trial, the cost of filing motions, or the cost of hiring an investigator. Your personal injury lawyer will deduct these expenses from your settlement before you receive a check.
Once all of your financial obligations to the lawyer, court, and medical professionals have been met, you will receive the remainder of your settlement. Remember that even if you only have a modest payout after your other obligations are met, your settlement will still have covered your medical expenses. If you receive a large settlement, you may want to contact a financial adviser to make sure that your funds are allocated properly by the attorney's office and to help you manage your money once you receive your settlement. Speak with a professional like Attorney Gary G. Norris for more details.
