How a Settlement Works with Most Auto Accident Lawyers in Tampa, Florida & Surrounding Areas

After enduring an auto accident with serious injuries in Tampa, St Petersburg, Clearwater, or elsewhere in the area, it can trigger a long process that includes going to the hospital, finding an attorney, visiting doctors for treatment, filing claims against insurance companies, getting physical therapy, and being trained for a new career because of ongoing disabilities. One of the last, and most anticipated, of these steps is receiving a settlement from the insurance company and/or negligent party to compensate you for your accident losses.

The personal injury settlement is usually a time that you as an injury victim look forward to because the settlement enables you to pay off significant medical bills, receive reimbursement for lost wages, and collect compensation for what you have been forced to go through as well as the problems you will continue to experience. It is also an opportunity to put a close to a problem that began when somebody else was not paying attention or made poor choices, resulting in your injuries from an auto accident.

Before receiving the settlement, it is important to understand some details about the settlement process so that you can make the best decisions for yourself—as well as decisions you will not regret one day in the future. At the law firm of Dale Appell, P.A., our Tampa auto accident lawyers make sure to explain the various concerns of the settlement process to all of our clients. For example, at settlement, you will generally sign a release that liberates the at-fault party or parties from future liability. Once the release is signed, you will not have an opportunity to receive additional compensation if your condition deteriorates significantly in the future. Therefore, before you sign a settlement release, it is important that you (1) believe your condition has stabilized, and (2) have health insurance or some other resource to get the medical attention you need if help is needed in the future.

It is also important to make sure that all your outstanding medical bills related to the car accident are paid for. If there are any outstanding medical bills that are not paid from that settlement, these bills will continue to be your responsibility. The settlement statement should break down for you each and every medical provider, as well as the amount that provider has agreed to accept as part of the settlement. Make sure to review the statement thoroughly, and if it appears that a medical provider or other payment is missing, mention it to your Tampa auto accident lawyers prior to signing the settlement statement.

Although it is always good to know that personal injury settlement monies are not taxable by the IRS, if you are receiving public assistance through Medicaid or Social Security, your settlement could impact the continuation of those benefits.

Be sure to discuss all of these issues with your Tampa auto accident lawyers. In some cases where there is a significant amount of injuries and limited insurance, it may be appropriate to consider filing a lawsuit directly against the at-fault party, and not settling with the insurance company. In order to be able to make that decision, it is necessary that you find out whether or not the at-fault party has a meaningful amount of assets. This extensive asset search can be expensive, so it is not appropriate in every situation. One of the concerns about pursuing such a claim is that if you get a sizeable judgment that far exceeds the limits of the insurance, the at-fault individual or corporation may declare bankruptcy, which will wipe away the judgment and any opportunity for you to collect. Nonetheless, you should have a conversation with your attorney so that you can feel comfortable that you are making the best decision for you and your family.

Finally, injury monies can receive special treatment as part of what is called a “structured settlement.” The benefits of these structures can be multiple, including tax-free growth in income. You should consider these benefits because once you receive your settlement monies, the opportunity to take advantage of structured settlement benefits will be forever lost.

Once you receive your settlement check, you can either go the bank upon which it is written and receive immediate monies in the form of cash or money order, or deposit it into your own bank account in which case it will clear after a brief period of time. Should you have any questions about a settlement, feel free to contact our law firm. We have significant experience advising auto accident clients here in the greater Tampa, Florida area, from Seminole Heights to Clearwater, South Tampa to St Petersburg, and New Tampa to Seffner. We will gladly share with you various options and discuss the pertinent issues.