3 Things You Need to Know About Civil Settlements
A personal injury lawsuit can be a long, drawn-out process. Once the lawsuit is finally over and a settlement has been reached on your behalf, you may be tempted to relax. You may feel like a weight has been lifted off your back. Of course, the most stressful part is over. However, you should still be prepared for the reality of actually receiving your settlement. This article will put forth several tips you need to know about the process and timeline of getting your civil settlement. To learn more about this process, read on.
Your Attorney’s Involvement
The vast majority of personal injury attorneys will not require payment up front. Instead, they will accept payment of a percentage of the settlement if the case is successful. This way, you do not owe them anything if the case doesn’t work out in your favor. However, now that the case has been favorably resolved, you have to keep in mind that your attorney will take a percentage of the settlement. This percentage is always agreed upon beforehand.
The timeline to actually receive compensation depends on the settlement agreement. You should be prepared for it to be several months at least. It is understandable if you’re eager to start receiving compensation earlier than that, especially if your injury has prevented you from being able to work. However, you should be prepared for it to take a while. You may be able to work out a settlement agreement where you will get paid more quickly, but this is not always the case.
The Payment Process
Unless you are receiving a settlement from a very large organization or corporation, it is likely that the settlement agreement will specify a payment plan. You have to be prepared for receiving monthly payments over an extended period of time rather than receiving a lump sum all at once. This might not be all bad, however. It actually may work out better for you as far as taxes go.