If you prevailed in a legal claim against a negligent individual or entity, you are no doubt looking forward to receiving the compensation you need for medical expenses and other costs accrued due to the accident. However, you may also be unsure about when to expect payment for your settlement. If a defendant takes too long to pay, it could seriously affect your financial status. If you need assistance recovering settlement money after a personal injury lawsuit in Arkansas, you should consult with an experienced Fayetteville, AR personal injury lawyer as soon as possible. Ken Kieklak, Attorney at Law, is dedicated to fighting for victims of an accident who have had their lives drastically altered due to the negligence of another. Arkansas personal injury attorney Ken Kieklak is here to discuss how long it can take to receive settlement money after an injury lawsuit in Arkansas.
When is Settlement Money Disbursed from an Injury Lawsuit in Arkansas?
When pursuing a personal injury lawsuit in Farmington, AR or elsewhere in Arkansas, a defendant may decide that they do not want the lawsuit to continue to trial. As a result, a defendant may offer the plaintiff a settlement. However, after agreeing to a settlement, a plaintiff may still have difficulty claiming the compensation agreed to with a defendant.
There are a number of factors that can influence how long it takes to negotiate and disburse settlement money. You should understand that there is no average amount of time for the settlement of a personal injury lawsuit. It is important to look at the unique circumstances of each case, which can help determine when you may receive your settlement money. The following circumstances should be considered while awaiting the resolution of settlement negotiations.
Severity of Injuries Sustained in the Accident
One factor that significantly impacts settlement negotiations is the severity of the victim’s injuries. For example, if a victim were in a slip and fall accident in Fayetteville, AR and sustained a minor injury like a sprained ankle, this would make it easier to calculate damages for that injury. Alternatively, if a victim was in a car accident and suffered a traumatic brain injury, they may require extensive medical treatment that could make it hard to determine the total cost of current and future medical expenses.
To avoid negotiating a settlement that does not meet your legal needs, you should avoid finalizing a settlement deal before you have completed medical treatment for your injuries. It would also help to thoroughly document how the injury affected your life. For example, if you have difficulty performing your regular daily activities after a car crash, you should document this change in your life.
Dispute About Value of Injury Lawsuit
Before agreeing on a settlement amount, a defendant and plaintiff may disagree about the value of the case. That is why it is necessary for a plaintiff to gather a plethora of evidence that can help prove the damages they are requesting. For example, if you will miss a substantial amount of time at work due to the injury you suffered in the accident, you should adequate documentation to prove your losses.
Fees Owed Prior to Disbursement of Settlement Money
Before settlement funds can be distributed to a victim, the victim may have to pay fees for a number of expenses. For example, a victim may first have to pay attorney fees from their settlement money. The amount of money that is paid to your attorney will depend on the terms of the fee agreement. In accordance with the Professional Rules of Responsibility, an attorney cannot charge more than a certain amount for legal fees, the highest percentage typically totaling 33% of a plaintiff’s compensation.
An attorney may also have to use a portion of settlement proceeds to pay off court fees, medical bills, and other expenses related to the victim’s injury lawsuit.
Ultimately, there is no exact formula to estimate when settlement proceeds will be paid out. Our experienced Fayetteville AR personal injury attorney can help you learn when settlement money may be distributed, depending on the circumstances of your case.
Reasons to Consider an Injury Lawsuit Over a Settlement
It is understandable that a plaintiff may want to pursue a settlement and avoid a possibly long trial to seek damages for their injuries and other losses. However, there are many reasons why a person should consider a personal injury lawsuit over a settlement.
One reason to pursue a personal injury lawsuit to its conclusion is that a plaintiff has the potential to seek a higher amount of compensation through a lawsuit. A settlement may require a victim to compromise the amount of money they can receive for their injuries. As a result, the victim may not have sufficient compensation to cover medical expenses, a loss of wages, and other financial issues that may arise.
Another reason to file a personal injury lawsuit is that a defendant or insurance company may use a variety of tactics to avoid paying a victim the compensation they need.
Our firm would welcome the chance to speak with you about the benefits of filing a personal injury lawsuit instead of settling a case.
Contact Our Trusted Arkansas Injury Lawyer to Discuss Your Settlement Money Distribution
If you or a family member was injured due to the negligence of another, you should contact an experienced Greenland, AR personal injury attorney immediately. Skilled injury attorney Ken Kieklak possesses decades of legal experience dealing with a wide range of legal claims, and he would like the opportunity to represent you. To schedule a free legal consultation to discuss your legal claim, contact Ken Kieklak, Attorney at Law, at (479) 316-0438. You can also contact Ken Kieklak by using our online submission form.