If you’ve recently won a personal injury case, congratulations! You’ve been awarded compensation for your injuries and can finally find closure for the pain and suffering you've endured. However, the end of a personal injury case does not necessarily mean the end of your journey. You still need to take several steps after your settlement has been reached. In this blog post, we’ll discuss what you can expect to happen after your personal injury case reaches its conclusion.
How to Navigate Your Settlement with Help From a Personal Injury Lawyer in Wilmington
After a personal injury case, both parties will sign release forms, which means no further legal action can arise from the injury. Release forms are an agreement that outlines the settlement terms and are legally binding.
Once you’ve reached a settlement agreement, you will likely receive your payment within a few weeks. This payment can come in several forms, including a lump sum, structured payments, or a combination of both. Some portions of your payment may be taxable while others are not.
Compensation awarded in a personal injury case is not taxable, but any interest earned on the compensation will be. If a case goes to trial, the interest can be significant. The tax implications of the settlement should be factored in when calculating the compensation awarded. You should speak with your attorney or financial advisor to ensure you are complying with all legal and tax requirements.
Medical Bills and Liens
Medical bills and liens can be hefty in a personal injury case. After the settlement, it is essential to take care of any outstanding medical bills to ensure there are no liens on the payment. The settlement will typically outline how medical bills and liens must be paid. Negotiations may be required if the compensation awarded is not enough to cover the bills and liens.
If the injured person received Medicaid benefits to cover their medical bills, the state may attempt to recover the compensation awarded in the settlement. This process is called estate recovery; your state has a legal right to recover the funds. Speaking with a personal injury lawyer is essential to understand estate recovery laws in your state.
The compensation awarded in a personal injury case is often used to cover attorney fees. However, if the settlement is significant, some funds may be left over. It is essential to discuss attorney fees and payment with your personal injury lawyer to ensure that everything is covered and no loose ends are left.
Ongoing Medical Treatment
If you require long-term medical treatment due to your injuries, your settlement may include funds to cover these expenses. These funds can be distributed over time or structured to provide regular payments. Keeping track of your medical bills and costs is essential to ensure you are using your settlement funds appropriately.
Changes in Your Life
Winning a personal injury case can allow you to make significant changes in your life, including paying off debts, purchasing a home, or making other investments. However, you must remember your long-term goals when planning your financial future. Your personal injury lawyer or financial advisor can help you create a plan that will allow you to use your settlement to achieve your goals.
Trust an Expert Personal Injury Lawyer in Wilmington
Settling a personal injury case can be a huge relief, but remember, it’s not the end of the road. You’ll need to know the tax implications of any payments you receive, navigate medical liens, manage ongoing medical treatment, and plan for your financial future. Most importantly, give yourself time to heal emotionally and seek support if needed. With the proper planning and support, you can overcome the challenges of a personal injury case and move forward to a brighter future. At Rodzick Law Group, we support you every step of the way. Get in touch with us today.