When Do I Get Paid for Personal Injury?

If someone else caused you an injury, you may be considering filing a personal injury lawsuit against that person. You also may be wondering when and how you will be compensated for your injuries. When you file a lawsuit, you are in essence filing a claim in court alleging that a person or company owes you money for hurting you. You can either state the amount of money that you think you are owed, or you can state that the damages are undetermined as of yet.

If you win or settle your lawsuit, you will be paid the amount decided by a judge or jury, or the amount agreed to between you and the other party. You may also discuss with the other party the manner in which they will pay you. It may be all at once in one lump sum. Or you may be paid in installment payments: monthly, bi-monthly, semi-annually, or otherwise. There are three things that will play an important role in determining how and when you are paid: 1) the amount of the money you are awarded, 2) the financial status of the defendant, and 3) the timeline in which you will need the funds--perhaps for upcoming or past surgeries, etc. If you are paid in installments, most states require the defendant to pay interest, in the amount of 10%.

If you are looking for a personal injury lawyer, make sure to find out how much experience the lawyer has in settling the manner in which you are paid. The terms and timing of the payment can be just as important, if not more important, than the amount of the award itself. Your lawyer will also need to determine if you can get money for pain that you suffered before judgment is entered.

There are a whole host of issues that we can discuss here, but the bottom line is you should find a personal injury lawyer who knows the laws of your state well enough make sure you get the most benefit out of them, and the most amount of money at the right time. A knowledgeable personal injury attorney in your area will be able to answer other questions you might have.