Receiving settlement in Medford personal injury cases is the most common method of recovering compensation following an accident in Medford, New Jersey. Settlement guarantees that the victim in a personal injury lawsuit will receive compensation for physical injuries or property damage. No matter how strong a case may seem, a trial can always result in an unexpected and unwanted verdict.
Most personal injury cases in New Jersey are settled outside the courtroom, usually, because trials are long, expensive ordeals where the outcome is uncertain. Settlements guarantee that a victim will receive compensation, even if it is slightly less than a preferred result may be at trial.
To ensure you receive a positive outcome from your personal injury settlement, contact our law offices and speak to one of our experienced personal injury attorneys today.
Calculating Compensation for Injuries
With any personal injury case, there will likely be both economic and non-economic damages. Economic damages are those that are generally easy to quantify, including medical bills, damage to property, lost wages, and other bills or economic losses such as:
• Hospital costs, including ambulance rides and any required surgical procedures
• Follow-up visits with medical professionals
• Long-term treatment and rehabilitation
• Prescription drugs
• Property damage (e.g. car repairs)
• Lost wages and future earnings
Non-economic damages are those associated with pain and suffering and the often unquantifiable emotional, social, and/or romantic damages that may occur because of an accident, including:
• Lasting lifestyle changes necessitated by injury
• Permanent scarring or disfigurement
• Emotional trauma
• Lasting relationship effects (e.g. loss of consortium)
Non-economic damages can also include punitive damages, but these do not come into play in most personal injury cases. These types of damages may play a significant role when receiving settlement in Medford personal injury cases.
It is important to bear in mind that the value of a settlement varies. This is because the calculated number represents the best-hoped outcome from a trial, whereas settlements typically reflect a reasonable outcome when factoring in the uncertainty of a trial, the possibility that a compensation award may be reduced or denied by a jury, and other such challenges that could be avoided by settling the case.
Negotiating a settlement can take time and can be a frustrating process. All parties will be working in their own best interest—which unfortunately means that the party responsible for the accident will usually work tirelessly to reduce their financial burden. A qualified personal injury attorney in Medford could passionately represent your best interests in settlement negotiations and work to ensure you recover the maximum possible amount given the circumstances. Set up a consultation today for more information about receiving settlement in Medford personal injury cases.
Reaching a Settlement
After negotiations have ended and all parties involved have agreed on a settlement, there are many procedural steps that still need to occur. One important consideration at this stage is determining the total taxable amount of the settlement.
Typically, damages received for physical injuries are not taxable, but a plaintiff may be responsible for paying taxes on other portions of the funds. An experienced lawyer may be able to help their client better understanding potential tax liability. In most cases, settlement checks are sent to the victim’s attorney, who then manages the final disbursement of the funds.
Medford Personal Injury Attorneys are Available to Help
If you or a loved one suffers a personal injury, an experienced personal injury lawyer can assist in managing the case and working to ensure you receive a settlement that meets all of your financial needs. Make a proactive choice for your personal injury settlement and your future, and contact our law offices today. An attorney may be able to guide you through the legal process of receiving settlement in Medford personal injury cases.