The most important part of any truck accident settlement is the moment when an injury victim actually receives their compensation for the accident. This process is more complicated than you might realize, so it is helpful to understand how truck accident settlements are paid out. The following is a brief overview – to discuss your specific situation, speak with a Chicago truck accident lawyer right away.
The first step in a settlement is to agree on an acceptable settlement amount. Your attorney will negotiate with the insurance company to see what they are willing to pay to settle the claim. Then, considering what comparable truck accident claims settle for and win at trial, your attorney will make a recommendation to either accept the settlement offer or go to trial. Though your attorney can advise you on this matter, the choice is ultimately yours to make.
If you agree to settle your claim, you will be asked to sign a release provided by the insurance company. This document proves that you are giving up any future rights to your claim (such as filing a lawsuit in court) in exchange for the settlement amount. The total settlement amount will then be issued to your attorney.
Once the attorney receives these funds, there are certain fees that must be paid before the proceeds can be distributed to you. Your attorney must first pay any liens that have been filed against your settlement. This includes medical liens from your health insurance company (including Medicare or Medicaid) for bills they have paid that were covered by your settlement. If any of your medical providers worked on a lien instead of accepting your health insurance, they too must be paid. Once all liens are paid, your attorney will then deduct his or her fees, plus any administrative expenses (such as records fees or court costs).
Your attorney will provide an itemized statement of all the deductions that were made from your settlement. You will then be issued payment for the remainder of the settlement funds. You can use these funds however you wish. Many people might use their settlement to:
While it might be tempting to splurge on a vacation or something else not related to your injuries, keep in mind that you might need future treatment or miss work in the future. Plan ahead for future losses if necessary.
If you suffered serious injuries in a truck crash, you should discuss the settlement process with a Chicago truck accident lawyer from Malman Law. Contact our office to learn more about our legal services.