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Where's The Money? What To Know About Collecting On A Personal Injury Claim

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The road to personal injury success can be long, complicated and exhausting, but the time may eventually come when you have a reason to celebrate your win. Whether you have prevailed in court or you have been offered a fair settlement from the at-fault party's insurance company, you can now expect to be compensated for your injuries and damages. Read on to learn more about what to expect when it comes time for the other side to "pay up".

The Funds are Verified

To win big money you must be certain that the defendants have the means to pay you in the first place. After all, there is no point in filing suit for $500,000.00 if there is no insurance or other assets to plunder. In all likelihood, your attorney is working for you on a contingency fee basis, which means that they don't get paid unless you win your case. You can rest assured that if your attorney agreed to represent you, there must be funds to pay if you win. No one wants to work for no pay.

Where is the Money?

All drivers are required to carry enough insurance to pay in the event of an accident, and most do. If the other driver caused the accident and was insured, you will be able to estimate your potential settlement from the insurance policy information. Likewise, businesses usually carry insurance to compensate those injured on the property. In the event there is no insurance, the next step will be to evaluate any personal assets of the defendants, such as real estate, bank accounts and more. In some instances, court orders are issued freezing the assets of defendants pending the trial outcome.

Settling Outside of Court

Once you decide to pursue a case, you will set in motion a series of events and actions that could result in the offer of a settlement from the other side. It's easy to understand why it could be advantageous for both you and your opponent to settle outside of court, it is both costly and time-consuming to take cases to court. You may be tendered a settlement offer at any time in the process, even after the trial has actually begun. There are, however two pretrial milestones to be aware of that could prompt a settlement offer.

1.  One of the first major moves is to send the other side a demand letter, which spells out the details of your case. The other wide will be informed of your intent to file suit, why the other party is at fault, how much your medical expenses and other financial damages are at this time, what type of physical evidence you have and finally, what you are asking for in compensation.

2.  A type of mini-trial is held before the real one, and this event is part of the discovery process known as the deposition. Here you and others will be questioned under oath.

To learn more about getting paid for your damages, speak to your personal injury attorney, such as Greg S. Memovich.