Don’t Settle for a Bad Settlement

Content provided by LawLeaf. LawLeaf is an online legal funding company.

Over the course of any lawsuit a victim has an interest of reaching a quick settlement. When you reach a settlement the plaintiff in the case will agree to accept an offer and give up the right to legal recourse at a later date. This means once an offer is agreed upon, the plaintiff will not have the right to receive additional compensation at a later date. When you do eventually settle don’t settle on a bad settlement offer!

Millions of people each day struggle to pay their bills and provide for their families. When you have been involved in an accident and it resulted in injury, the struggle may get harder. Personal injuries can be catastrophic and in many cases the victim is forced to take time off of work. If you are living pay check to pay check and you don’t have short or long term disability coverage, it can become very challenging. If you lose a job and incapable of returning back to your profession, it can become financially devastating to the victim.

When you read about personal injury cases oftentimes you think compensation is only available for medical bills, pain and suffering and property damage. While these are a few of the expenses that should be included in a compensation package, loss of job and loss of wages should be a high priority on the list. The average household income from state to state ranges from around $36,000-$69,000 with the average personal income lower. If you own a home, car, renting an apartment and your the breadwinner of a family, cutting out your income can be very problematic.

Insurance companies have the reputation of forgetting to include loss of income into the total compensation package. They may include a few days but what about time lost for follow-up visits to a doctor, hospital, physical therapist. If you are involved in an accident it may require additional visits for x-rays, MRI’s and medical evaluations. These costs should certainly be included. Consider the costs for retraining yourself to enter into a new occupation because you are no longer able to go back to work.

If you are considering a settlement make sure you consider all the costs associated with an accident and not just the ones you have bills for.  So when you reach the settlement table be sure not to settle for a “bad settlement”.

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3 Responses

  1. What happens when state agency ‘insists’ signing is only option, and verbage of lump sum settlement are all lies, and convieniently does not include retirement benefits, and also does not state potential claw back of disability payments by insurer. does this constitute any type of fraud, collusion, coersion, or extortion? if so, since state agency, would this be federal or state?

  2. No one should be able to insist to sign a bad settlement offer. Whether it be an insurance company, federal or state agency, accepting a poor settlement, is never a good idea. Before accepting any settlement you should always consult your attorney. Your attorney may recommend you take the settlement or tell you to wait. The idea that you are being forced or stronghold into a bad settlement doesn’t seem right.

    Before taking any settlement you should contact either your attorney or accountant to get a better understanding of the tax ramifications between a lump sum or a structured settlement.

  3. Thanks a lot for sharing this wonderful blog. I feel so inspired really, Thanks a lot.

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