We’ve all heard of multimillion-dollar settlements from car accident court claims, but we don’t see what happens once that person’s case is closed. What do they use that money for, and do they get to decide how to use their car accident settlement?
While your settlement is the compensation you need for your recovery, not all of your funds will always go to what you want.
A lawyer can help you understand how you’ll be able to use
your auto accident settlement. We can help you determine what your case is worth and how much you’ll get to keep for yourself.
Liens Will Affect Your Claim
When you’re seeking compensation for your injuries, a portion of your settlement will need to go to any liens placed on your settlement. When the person who injured you settles, you’ll receive the agreed-upon amount, which should cover both your economic and non-economic damages.
But your insurer or healthcare provider might have put liens on your settlement. This is essentially an order that says you must pay a certain amount for your bills, which might be more than you initially thought. Some hospitals might use this time to make up some of their own losses from insurance company agreements by charging you more and placing these liens.
Fortunately, a lawyer can work with your insurance company. We’ll speak to the companies seeking a part of your settlement and reduce the amount you’re expected to pay where possible.
Using Your Non-Financial Losses
While these expenses might take priority, that doesn’t mean you can’t make decisions about how to use your car crash settlement. You might have been allotted a certain portion of your settlement for losses that don’t have a direct financial value, such as pain and suffering. These won’t have to be used to handle any specific debts.
Likewise, the amount awarded for your lost income is meant to cover your living expenses, as an income would, but this doesn’t limit how you can use it.
Contact a Lawyer
When you receive your car accident settlement, you might be unsure of how much of it is truly yours. After your expenses have piled up for so long, it might feel like you don’t have many options to keep or decide how you’ll use your settlement.
Fortunately, a lawyer can help you determine what you’ll need to use your settlement for and how much you’ll have for your other needs and expenses. We’ll help you cover all accident-related expenses so you can focus on your recovery.
Unsure of where to begin with your settlement? Speak to a lawyer from
Craig Swapp & Associates for a free consultation on how to allot your funds and eliminate any debts related to your injuries. Get started by calling 1-800-404-9000 or by visiting our website for more information.
