Home
FAQ
How are personal injury settlements paid out?

How are personal injury settlements paid out?

One of the most common questions we receive from our clients is, “How are personal injury settlements paid out?” The following is an overview of personal injury settlements and how they’re paid in different circumstances.

When you work with an Albany personal injury lawyer with Shrable Law Firm, you can rest assured that you’ll receive expert legal representation. We know how to negotiate fair and equitable settlements, and we’re ready to put that knowledge to work for you. Schedule a free consultation by calling (229) 349-6291.

The basics of a personal injury settlement

If you’ve been in a car accident caused by another driver’s negligence or are hurt in another type of accident that was someone else’s fault, you can file a personal injury lawsuit against them.

The liable party will be responsible for compensating you for the damages and financial losses you suffered from the accident. Many personal injury lawsuits are settled out of court, however, some go to trial and a jury determines the amount of the award.

Who pays?

Who pays depends on a number of factors. Generally, the liability coverage that covers the vehicle the at-fault party was driving will pay first. In some instances, there may be several layers of liability coverage that can increase your recovery. An attorney can locate the other liability coverages.

If there is no liability coverage or not enough liability coverage to fully compensate you for your injuries, you may be able to recover from your own insurance company through uninsured or underinsured motorist coverage. Again, you may be covered under one or more policies of uninsured or underinsured motorist coverage. An attorney can locate those other coverages to maximize your overall recovery.

How settlement funds are distributed

You’ll typically have two options regarding the funds you receive: you can get it all at once in a lump sum, or you can agree to a structured settlement, where funds are dispersed over time.

It’s recommended that you speak with an attorney and possibly a financial advisor to determine which option is best for you.

Costs that could potentially reduce the amount of money you receive

It’s important to understand that although you’ve been awarded a certain sum or reached a settlement, the entire sum won’t be deposited into your bank account. The check will often be written to your attorney, then some costs must be paid before you’re given the remaining amount. Some of the costs that will be subtracted include the following:

As per your attorney-client contract, your attorney will receive a predetermined percentage of your settlement.
If you received medical treatment under an attorney or medical lien, the doctors or providers who treated you will be paid from your settlement for the care they provided.

If not included in the percentage your attorney will receive per the contract, court costs can also be taken out. These could include court reporter expenses for depositions, subpoenas fees, court transcripts, and more.
While your “compensatory damages” (medical bills, lost wages, pain and suffering, etc.) aren’t subjected to taxes, there are some portions of your settlement that could be. For example, if you deducted the costs of your medical treatment when filling out your income tax forms, that amount could be taxed. You may also need to repay health insurance and pay a Medicare or Medicaid lien.
If you obtain punitive damages, those will be taxed because they’re designed to punish the defendant, not to compensate the victim for their negligence. Although these won’t be reduced from your settlement, it’s recommended that you speak with an accountant or tax attorney to determine the amount you should set aside for taxes.

Can a claim be reopened once it’s been settled?

No. If you agree to a settlement and receive compensation, that’s it. This is why it’s so critically important that you work with an experienced Albany personal injury lawyer so that you can be sure that you agree to a fair and equitable settlement. If you don’t insist on maximum compensation, you’re not going to wind up with what you truly deserve and need.

Contact Shrable Law Firm for full compensation

Don’t accept a settlement offer from an insurance company without first speaking to an attorney. An attorney with Shrable Law Firm, P.C. will work with you to make sure that whatever settlement offer you receive will fairly compensate you for all the expenses associated with your injury.

Learn more by contacting us online or by calling (229) 349-6291 for a free case review.

Free Case Review

Wrongful Death Claim

$750,000

Accident victim passed away as a result of the combined carelessness of the driver or her vehicle and the driver of another vehicle.

More FAQ'S

Albany Office Address

Address : 127 N. Westover Blvd. Ste 3 Albany,
GA 31707

Phone: (229)-349-6291

reviews from our injury clients

I have had occasion to deal with Mr. Shrable on a number of occasions. I have found Mr. Shrable to be always prepared, to be a worthy advocate for his clients, and to be well versed in the law with respect to the issues with which he has been confronted. I give him my very high recommendation.

My experience working with Shrable Law Firm was very professional. Beau Shrabe kept me informed on everything that would help with the case. I’m very pleased with the outcome and hard work this law firm put in. I will most differently recommend Shrable Law firm to any of my friends.

Beau and his staff are very professional. They kept me informed at all times about my case. Beau himself would contact me directly. I was with one attorney & wasn’t very satisfied. Beau handled my case very fast and I am greatly appreciative.

Can’t thank this firm enough for helping my family in a time of need. Another lawyer turned us down but this firm took our case and saw it through to a great result. Highly recommend it.

Mr. Shrable was a pleasure to work with. His firm helped me with a franchise agreement and I was extremely impressed with the language that was created and how straightforward everyone was with me during the process. I would use them again.

Yes I highly recommend this place for car accident injuries. They are very respectable and helpful. They keep you updated with your case very frequently and work very hard for their client’s. Love love love them. ❤️❤️

Very fair and will try their best to get what you need, very caring and kind, I recommend this firm to anyone that is looking for someone to fight a case for you.

Great representation for our family when we needed it. He represented us in a vehicle accident lawsuit. We were super impressed at how prepared our lawyer was when we had the deposition. Put us at ease while dealing with an unfortunate (& quite ridiculous) situation. A minimal settlement for the opposing party. Such Friendly, professional staff including the administrative staff. Would highly recommend.

I had the displeasure of being sued after a recent automobile accident. Beau was given my case by my insurance company and handled it well. The plaintiff’s case was weak and the settlement was well below policy limits. I would definitely recommend Beau and The Shrable Law Firm in Americus to others looking for a solid attorney to represent their best interests

Mr. Shrable took on my husband’s case when no one else would. He worked diligently to get it resolved. We are very pleased with the outcome. I highly recommend him.

Amazing work and great customer service. They work hard to get you everything that you deserve. Someone is always available for the client and when you call someone answers, not an automated answer service. Highly recommended for any legal needs that you have.

Beau and his team were very communicative and continued to keep me updated on my case! They explained everything very thoroughly to me so that I understood what was going on. Everytime was done in a timely manner and I’m very thankful I went with him!

My experience with Shrable Law Firm was second to none! Being a veteran it was awesome to work with a veteran owned Law Firm! I would definitely recommend this Law Firm in the future!

It was a great experience having Beau Shrable as our personal injury attorney. He was professional, efficient, and personable. I highly recommend The Shrable Law Firm’s services.

Mr. Shrable went beyond what I expected from an attorney. He made me feel like a part of his family and that he truly cared about my case. I would recommend him to anyone.

I can’t say enough good things about this firm. The character and level of standards that Beau and his team operate by are rarely found. These guys are hands down as good as it gets. I would HIGHLY recommend The Shrable Law Firm, P.C. to anyone in need of legal work.

I continue to retain this office for their services. It’s very difficult to find an honest, professional, friendly, personable law firm. I would recommend anyone who needs help to pick up the phone and start here first.

Beau was one of my defense counsel for about 5 years. Without hesitation, I would hire him again and again. Beau is up front, honest, reliable and knowledgeable. Trust your cases or your clients with him. You will not be sorry!

Courteous & Professional. Do not hesitate to contact The Shrable Law Firm. You will be treated with dignity and class and will be very satisfied with your experience.

Exceptionally knowledgeable and affable, Mr. Shrable demonstrated integrity rarely observed in this day and age. I appreciate his expeditious legal advice, will use his services again should the need arise, and highly recommend his law firm.

Beau went above and beyond after my car accident to make sure that the entire process was handled smoothly and efficiently. The person that rear ended me did not have insurance and that was a huge concern of mine but Beau took care of everything!

Excellent and dedicated attorney. He knows what insurance companies don’t want accident victims to know and makes sure insurance companies do what’s right.

No experience has ever been enjoyable with a lawyer. But after working with Beau on numerous occasions, I have found out it doesn’t have to be that way. Great guy, hard-working and very knowledgeable.

Latest From Our Resources

Who pays for medical bills while my car accident case is pending? In Americus, Georgia, you are responsible for paying for your medical bills from car accident-related injuries while your case is pending, even if the accident wasn’t your fault. Although you are initially responsible for your medical costs after a car accident, you may get them covered by your health insurance, by your auto insurance, or you can ask the medical provider for financial assistance such as a payment plan or if they will work on a lien placed on your settlement or jury award.

(229) 349-6291