Were you hurt in an accident? A personal injury claim is a path to justice and compensation. Only a small share of personal injury claims actually go through the full litigation process. Far more cases are settled. Before accepting a personal injury settlement, it is imperative that you are sure that you are getting full and fair financial compensation for your damages. Here, our Kansas City personal injury lawyer highlights some key that you need to know about answering the most frequently asked questions (FAQs) about personal injury settlements.
What is a Personal Injury Settlement?
A personal injury settlement is an agreement between an injured party and the at-fault party or their insurer to resolve a personal injury claim. The agreement typically includes monetary compensation to cover medical expenses, lost wages, and pain and suffering caused by the injury. By settling a case, the victim is forgoing the right to file a lawsuit.
How is a Personal Injury Settlement Determined?
Settlements are calculated by considering factors such as medical costs, lost wages, property damage, pain and suffering, and future expenses. Each case is unique, so the specific amount awarded will vary based on these factors and the circumstances. It is important to emphasize that a settlement comes after a negotiation. Insurers try to pay out less.
How Long Does it Take to Get a Personal Injury Settlement Approved?
A wide variety of factors can impact the duration of the personal injury settlement process, including things like the severity of the accident, the value of the settlement, and disputes over liability. A personal injury settlement typically takes somewhere between a few months and a year. Though, it can take longer. A case can be settled right up until the date a verdict is issued.
Is the Amount I Get in a Personal Injury Settlement Capped By Law?
No. In both Missouri and Kansas, injured victims have the right to pursue a personal injury settlement for the full value of their economic and non-economic losses. An experienced Kansas City personal injury lawyer can help you fight for the full financial settlement you deserve.
Do I Get Taxed on My Personal Injury Settlements?
It depends on the specific nature and structure of your settlement. As a general rule, much of a personal injury settlement is not taxable. However, there are exceptions, such as if the settlement includes compensation for lost wages, which are subject to income taxes.
Set Up a Free Consultation With a Kansas City Personal Injury Lawyer
At House Law LLC, our Kansas City personal injury attorney goes above and beyond to help victims and families secure the absolute maximum financial payout. Do not go up against a big insurance company alone.
We have extensive experience fighting for full and fair settlements for our clients. Contact us today to set up your no-cost, no-obligation case review. From our Kansas City law office, we handle personal injury claims in Missouri and Kansas.
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