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How Long Does it Take to Reach a Personal Injury Settlement?

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How Long Does it Take to Reach a Personal Injury Settlement?

There is no single answer to this question simply because each case and the circumstances surrounding it are different. The factors that impact the timeline are the amount of compensation you are seeking, your personal injury lawyer’s negotiation skills, and how hard you want to negotiate. If you are willing to accept the first offer given, you may find the settlement can be reached very quickly, but you may be settling for a lowball number. Skilled negotiations are necessary to get what you deserve, and the process could take months or even years.

Case Timeline

 

Medical Phase

There are some steps that must be taken before you reach the point where a settlement can be expected. To begin with, you must seek medical attention for your injuries as soon as possible. Make a file of all your medical treatments, prescriptions, appointments, and therapies. Keep a journal where you document the progress and any symptoms you may have. As soon as the medical phase is completed, the claim can proceed.

Hire Legal Representation

Having a full file on your injuries and how much the recovery cost, is crucial for your lawyer to know. With this information, they can then send a demand letter to either the insurance adjuster or the other party in which that dollar amount is requested to settle the claim. The amount may also include wages lost and costs of property damage.

Offer Evaluation

The insurance company may require several weeks to review the claim. They may either ask for further documentation or question items on the claim, alleging that these treatments were not necessary. Based on their objections, they will issue an offer. It will usually be on the lower side in order to test how much you are willing to take. You can either reply with another offer or decide to take this to court.

Negotiating the Offer

Subjects that may come up in the negotiation include:

  • Who is liable for the accident, how much liability each party bears.
  • Your injuries, how severe or extensive they are, if there is a disability or long-term consequences.
  • Whether the policy actually covers the type of accident that caused your injuries.
  • Whether the treatment you received was necessary or if it was associated with a pre-existing condition.

Filing a Claim

If the case goes to court, you will receive an amount that is determined by the judge or jury. Going through the litigation process is generally drawn out and may take a year or more, depending on the complexity of the case. And if there is an appeal from the insurer, the time can be even longer.

Reaching a Resolution

Even while the case is litigated, you may reach a resolution through negotiation with the other party. If this happens, inform the court and sign a release. Fasig | Brooks Orlando Office reminds you that the paperwork must be completed within 30 to 60 days of the settlement order.

When you receive the funds, you must pay any outstanding medical bills, cover your attorneys’ fees and any other expenses. If you receive punitive damages, they are considered income, and you must pay taxes on them, although not on the amount you received as compensation for your physical injuries.



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