How Are Personal Injury Settlements Paid Out?

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Personal injury settlements are the financial representation of an at-fault party or their insurance company making an injured party “whole again.” Injured parties are entitled to receive compensation for their injuries under Wisconsin laws. Sometimes, they receive compensation through a negotiated settlement with the help of an experienced Wisconsin personal injury attorney. Other times, their attorney must help them litigate their claim to receive what they should.

Settlements can be paid all at once as a lump sum or as a structured settlement over time. The majority are the former, although choosing the latter might help some injured parties to make sure they don’t spend their settlement all at once.

Once your Wisconsin personal injury lawyer receives your settlement check on your behalf, they will fulfill any outstanding medical bills, liens, or legal expenses first. Then, you will receive what you are entitled to obtain from the settlement and are free to do with it as you please.

Call Us Today to Speak with a Reputable Wisconsin Personal Injury Lawyer

You deserve compensation for your injuries if they were the result of another person’s negligent actions. After such an injury, it’s crucial to contact an attorney as soon as you can. Call Growth Law Firm today at 414-768-2727 to schedule a consultation with an experienced Wisconsin personal injury lawyer.

Personal Injury FAQ

What is a medical lien?

Your attorney can arrange a medical lien. It stops collection efforts and gives medical providers a legal claim to a portion of your settlement or jury award.

How long will it take to receive my settlement?

There’s no blanket answer. It depends on your insurance company and their accountants. When you speak to an attorney, they may be able to give you a more specific answer based on their experience.

Will I have to pay taxes on my injury settlement?

You might owe taxes on part of your award in the tax year you received the settlement check. However, the federal government typically doesn’t tax injury settlements as income. Check with your attorney and tax accountant to be sure about your settlement and tax liabilities.

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