Who Will Pay When You Win a Lawsuit
If you’re on track to winning a personal injury case, you may be unsure who’ll be paying your settlement. There are two ways in which a personal injury claimant may receive compensations: firstly they may be offered a settlement, secondly they may win the case in a civil lawsuit. The former is usually the case as insurers tend to believe pursuing the case through the courts is a lengthier (and thus more costly) process.
In the majority of instances, insurance companies are the ones who pay out in these types of claims. That being said, companies and individuals may sometimes choose to pay the settlement or damages if it makes more financial sense for them to do so, or if they are not covered by their insurance for whatever reason. If you’re seeking a payment from an individual and they refuse to pay after a judgment, there are certain avenues you can take to get your money. This includes a post-judgment discovery which takes into account all of the party’s assets and their income. You may also be able to look into garnishing wages, or you may be able to seize a company’s assets in order to receive payment. In these cases you’ll need the assistance of an attorney to help you through the process and do everything legally. If the party is declared bankrupt, unfortunately you won’t be able to obtain the damages.
If (like in most cases) the insurance company is paying the damages, it is a straightforward process which should be completed with relative ease. You’ll also need to ensure you pay the correct amount of taxes on your settlement, as these can be applicable depending on whether the injuries are physical or not.
Each personal injury claim is unique and there can be complexities that arise even if initially it seems straightforward, so it’s important to find an attorney to represent you has knowledge in this area. Contact the experienced team at Franco Firm for assistance with all things personal injury.