Debunking Some Common Myths About Personal Injury Settlements
If you suffer injuries in an accident because of another party’s negligence, you could recover compensation for your injuries and damages. Most personal injury cases are resolved through a settlement agreement between the plaintiff and defendant. The settlement amount you recover depends on the facts surrounding your case. Unfortunately, many myths about personal injury settlements confuse those seeking compensation for their injuries. It is crucial that you understand the truth behind these myths. This article debunks some of the most prevalent myths about personal injury settlements.
Myth #1: You Will Get Rich Quick
If you want a get-rich-quick scheme, filing a personal injury claim isn’t the way. A personal injury settlement is meant to compensate you for your injuries and damages, including medical expenses, property repair costs, lost wages, and pain and suffering. It is not meant to make you rich. Indeed, some settlements can be substantial. However, that depends on several factors, including the severity of your injuries, the extent of damages incurred, and insurance coverage.
Myth #2: You Cannot Recover Compensation for Damages Not Yet Suffered
Some personal injury victims suffer injuries that impact the rest of their lives. If you have suffered such an injury, you are entitled to recover compensation for future damages. These are the damages you expect to suffer later in life. Some future damages you may be eligible to be compensated for include medical expenses, a decrease in earning capacity, and the cost of long-term personal care and assistance.
Calculating future damages can be challenging. A skilled personal injury attorney can help you hire professionals who can estimate future damages.
Myth #3: Your Personal Injury Settlement Is Taxable
The last thing someone injured due to another party’s negligence wants to worry about is their settlement amount being taxed. The good news is that most personal injury settlements are not taxable. However, some components of your settlement may be taxable, including lost wages and punitive damages. It is best to speak to a professional to understand potential tax implications specific to your case.
Myth #4: A Personal Injury Attorney Can Tell You Exactly How Much Settlement You Can Recover
A personal injury attorney cannot tell you exactly how much you will recover. A skilled attorney understands that many factors can impact how much you recover. An attorney can assess the factors of your case and provide an estimate, but they can’t predict a specific recovery amount.
Myth #5: You Will Receive Your Settlement Quickly
Indeed, some personal injury victims receive their settlements quickly. However, some cases can take months, a year, or even more than a year to settle. Several factors can impact how long it takes to receive a settlement, including the severity of your injuries, the complexity of your case, and the willingness to negotiate. For instance, how long it takes you to recover your compensation depends on how long it takes to reach maximum medical improvement (MMI). This is the point where your injury has healed or is unlikely to improve any further.
Contact a Tampa Personal Injury Attorney
If you suffered injuries in a Florida accident because of another party’s negligence, contact our Tampa personal injury attorneys at The Pendas Law Firm for legal assistance.
The Pendas Law Firm also represents clients in the Miami, Jacksonville, Ocala, Orlando, Bradenton, Daytona Beach, West Palm Beach, Naples, Melbourne, Fort Myers, and Fort Lauderdale areas.
