After you have suffered a serious injury caused by someone else’s negligence, you may begin accruing medical expenses immediately after. You will have medical expenses related to your injuries from the time you were taken away in the ambulance. Fortunately, when someone else is to blame for your injuries, you can hold them accountable by filing an insurance claim or civil lawsuit against them.
While your attorney works to recover the compensation and damages you deserve, you may wonder how you will get through these difficult times. Many injury victims start to plan for their settlement to come in ahead of time so they can get out of debt and start their lives over. It is not uncommon for victims to wonder whether their attorneys will get paid before their medical bills are due.
How your settlement is paid out can vary widely on a case-by-case basis. However, generally, attorneys will not get paid before your medical expenses. Your attorney will get you caught up so you can start fresh once your settlement check comes in.
Working on Contingency
After you have suffered a debilitating injury, pursuing a personal injury lawsuit may be the best way to ensure you are compensated for your suffering. Unfortunately, after everything you have been through, you may have concerns that you will not be able to afford to hire an attorney. Thankfully, one of the benefits of choosing a personal injury attorney to take on your case is the ability to work on contingency.
Contingency agreements are an attorney’s way of pursuing a personal injury claim on behalf of an injury victim, without requiring the victim to cover any upfront, out-of-pocket, or attorney’s fees. You will only be expected to cover your attorney’s fees if your lawyer wins your case. All of the other expenses associated with pursuing your case, including the costs of hiring experts, running diagnostic or forensic testing, or covering court costs will be covered by your lawyer.
Then, when your attorney wins your case, you can use your settlement funds to cover the cost of hiring your attorney. When you start working with your personal injury attorney, all of the details, including your attorney’s fees, will be described in your written contract. There, you can also learn more about what other costs your attorney will cover using your injury settlement funds.
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How Personal Injury Settlements Are Paid Out
There are a couple of different ways injury settlements can be paid out after someone has suffered an injury.
Personal Injury Insurance Claims
First, you may have the opportunity to file a claim with the insurance company. If you live in a fault state, you will file a claim with the liable party’s insurance provider. However, if you live in a no-fault state, you will generally file a claim with your own insurance company.
No matter which type of state you live in, if you purchase your own personal injury protection (PIP) coverage or no-fault coverage, you may also be able to file a claim with your own insurer.
However, insurance settlements come with specific stipulations. For example, if the liable party in your case purchased bodily injury liability coverage, this type of coverage specifically covers your medical bills. However, the insurance company will only be required to compensate you up to the limits of the amount of coverage the policyholder purchased.
If the liable party only purchased $25,000 in bodily injury liability coverage, the insurance company will only cover $25,000 in medical expenses.
Personal Injury Lawsuits
As you can imagine, many injury victims wind up with remaining damages and losses despite being awarded an insurance settlement. When this happens, excess damages you cannot recoup through an insurance settlement can be recovered through a lawsuit against the liable party. If the defendant is found liable for your damages at trial, the courts will compel them to compensate you accordingly.
Your Personal Injury Settlement
Once you have one your personal injury lawsuit, and the liable party has been ordered to compensate you for your damages, they will need to write a check that will need to be sent to your attorney. Depending on how long it takes for the liable party to write the check, send it to your attorney, and the check to clear, it could be weeks or longer before you receive your settlement funds.
Be prepared to sign a release before you receive your settlement funds that says you will no longer pursue legal action against the liable party in exchange for accepting the settlement and question. From there, your attorney will be responsible for using your settlement fines to cover certain losses. For example, if you had exorbitant medical expenses, your attorney may be able to work out a subrogation agreement with the insurer.
Here, the insurance company could be willing to accept a lesser amount of the medical debt as the full settlement amount. This could reduce your financial obligations and cover your medical expenses without further stress.
Your Lawyer Covers Your Costs
After your attorney has covered all of your medical expenses, dealt with the health insurance company, and paid for any other out-of-pocket costs that came along with pursuing your personal injury lawsuit, only then will they deduct your attorney’s fees.
Once all your medical expenses and attorney’s fees have been deducted from your settlement, you will receive the balance of your personal injury lawsuit. You can deposit the check in your own bank or cash your check with the bank that issued the personal injury settlement to access your funds immediately.
How to Get Financial Help While You Wait
The personal injury claims process can be complex. While you wait for your settlement funds to come in, you may continue to struggle financially. You can find financial relief by contacting our office for a lawsuit loan.
This is an advance on the pre-settlement funds you are going to receive through your personal injury claim. You will not be expected to repay this loan if your attorney does not win your case. This risk-free option could be the answer you have been looking for.
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Contact High Rise Financial Today
If you are hoping to get an advance on your settlement so you can cover your medical bills, stay afloat, and continue supporting yourself and your family. At the same time, you are waiting for your injury settlement to come in, High Rise Financial is here to help.
Do not hesitate to contact our loan specialists to learn more about how the application process works and whether you qualify. You can reach our office by phone or through our quick contact form with questions and concerns.