Many personal injury claimants in Texas often view their case as an opportunity to quickly accumulate wealth. However, that perception is misleading, as the settlement money can vanish just as quickly. If you don’t manage money well, you may end up in more debt than before.
However, you want to first ensure you get the right amount of settlement that will cover your losses. “Understanding how much your case is worth is vital to ensuring you get fair compensation,” says attorney Harry Fleming of Fleming Law Accident & Injury Attorneys.
This article details everything you need to know about personal injury settlements in Austin and how to maximize them.
Be Proactive; Get Legal Guidance
As soon as you think you might be filing a personal injury lawsuit, you should contact a personal injury lawyer. Proceed with this step once you have checked into a medical care facility and commenced treatment. They can help you assess your case and act quickly if you have one.
Know Your Worth
Insurance companies take advantage of the fact that most personal injury claimants do not actually know how much their case is worth. One of the benefits of working with a lawyer is that they calculate your case’s true value by taking every factor into consideration. Knowing the true value of your case will help you remain unaffected by the seemingly “high” offer from insurance companies.
Negotiations are Non-Negotiable
If you do not understand negotiation, you might be walking away with less than you deserve. But if you let your lawyer negotiate a fair deal for you, you’ll get what you deserve. You should negotiate to ensure you receive adequate compensation to cover your losses.
Terms and Conditions Apply
Understand that there is a time ticking on your settlement; how much time exactly depends on your jurisdiction. In Texas, for example, you have 60 days to complete the post-agreement paperwork; 30 days in some cases. Still, whether it is 30 or 60 days, you have plenty of time to file that paperwork; your lawyer can help too.
It Might Take a While
Don’t anticipate a quick resolution to your case; personal injury cases typically require extended waiting periods. So, when planning your financial recovery, consider how long it will take. Understanding the timeline of personal injury cases in Texas will help you manage your cash flow and overcome spending temptations.
Anticipate Delays
Despite the lengthy settlement process for personal injury cases, certain factors may cause them to take longer than usual. One of the things that may delay you getting your settlement is the payment processing.
Insurance companies can take their time processing the payment, as attorneys have to ensure all fees are covered. Moreover, if your lawyer is working on a contingency basis, that could extend the timeline by weeks or even months.
Manage Your Funds
When the funds come, the first thing you should do is settle any debt incurred along the way, including your medical bills. Thereafter, ensure you have an emergency fund set up to keep you covered in case of unexpected expenses. You should also budget for any long-term requirements you may have, such as prolonged medical care or rehabilitation expenses.
Furthermore, you might want to work with a financial advisor to see how you can put that money to beneficial use. For example, they could intimate you with investment opportunities that tally with your risk tolerance levels and recovery goals.
Conclusion
To maximize your personal injury settlement, always seek legal guidance, understand the value of your claim, negotiate your compensation, know the terms of the arrangement involved, anticipate potential delays in payment, and manage your settlement funds wisely. As you receive your settlement, you want to become more disciplined and strategic with spending and avoid impulsive purchases. While working with a lawyer can increase your chances of getting compensation, how long it lasts depends on you ultimately. These tips will help you understand important details about personal injury settlements in Texas and how to make the best of yours.
