Important things to know about personal injury lawsuits
Personal injury lawsuits are filed after all kinds of injury-related incidents such as auto accidents, dog bites, medical malpractice and many more. Once you are injured, you enter a whole new world, and there are some important facts you should know when filing a personal injury lawsuit.
Most insurance carriers are looking to negotiate a deal without having to go to court. While they may talk a big game, their goal is to cut you a check without having to appear before a judge.
Mediation and arbitration are two stops on the negotiation process that may keep your case from going to court. This is an alternative to having to argue your case in a courtroom. Mediators and arbitrators aim to settle these matters, although it is extremely helpful to have your own Providence personal injury lawyer by your side.
Remember that those offering you a settlement work for the insurance carrier and not you. Their mission is to offer you as small of a settlement as possible. Your lawyer is the one working to get you a larger payout.
Several factors weigh in on how much of a settlement you will ultimately receive. There is a need to compensate for medical bills, physical therapy, pain and suffering, lost wages and financial hardship. There are also ongoing factors to consider such as a reduction in earning potential as a result of the injury, as well as permanent physical impairment.
Once a settlement is reached, there comes the reality of having to pay taxes. When a settlement covers physical injuries, it is not viewed as taxable income. However, any punitive damages received are taxable. That also holds true for any compensation you received as a result of pain and suffering.
Collecting your compensation is much easier when dealing with an insurance company. When a settlement is reached, insurance companies will just write you a check, and you can be on your way. But when it comes to dealing with an individual defendant, there is no guarantee of an immediate payday.
If the defendant does not have many assets, you may not see much in the way of compensation. Winning a judgment is one battle, but getting your compensation from an individual defendant is another battle altogether.
If you have recently suffered a personal injury in North Kingston or Providence, an attorney at Calvino Law Associates can see you through your case. One of our lawyers will be there to provide you with all the information you need to know from start to finish. Contact us today for a free consultation.