When and How Could I Receive My Personal Injury Settlement?

 Posted on February 28, 2025 in Personal Injury

If you sustain injuries through someone else’s intentional act or negligence, you may be entitled to compensation. You have probably heard that before, but when it happens to you, several questions usually arise. Most people want to know how much their case is worth and when they would be paid. The answer is that it depends on many factors. All injured victim’s damages are unique and calculated using case-specific details. There are also different ways to structure your payment.

When you work with our knowledgeable Fort Collins, CO personal injury lawyer, we will work to help you secure the maximum amount of compensation available for your damages. We will also explain the different payout options and help you determine which works best for you.

How Do Personal Injury Settlements Work?

The payment portion of the personal injury claim process has several steps, and all are important. First, your lawyer will calculate your accident-related losses, which are called damages. Those could include your medical bills, property damage, the costs of ongoing care, lost wages, and several forms of pain and suffering. The amounts vary widely, and they could include future qualifying expenses in addition to your current financial losses.

Your attorney will demand full payment from the liable insurance company. Most of the time, negotiations can produce a reasonable settlement offer that addresses all your damages. You can accept a settlement offer, or we can take your case to trial.

After an accepted settlement offer or a verdict in your favor, the insurer has a limited time to issue your payment. Depending on your situation, you can choose:

• An immediate lump-sum payment for the full amount

• A partial payment in a lump sum, with structured payments thereafter

• Structured payments in set amounts for a specific period

Although most people choose a lump sum, there are situations when the second option makes more sense. Finally, you must pay all your outstanding injury-related debts when you receive your payment.

Can I Get a Partial Payment Before My Case Is Settled?

Unfortunately, you will not receive any payment from an insurance company during the claims process. Sometimes, these cases take months or even years to resolve. During that time, you will likely receive several bills related to your medical care and other financial losses. If you cannot work due to your injuries, you are losing income. You may need to make payment arrangements with your creditors or borrow money from family members or a lending institution to make ends meet. When you collect your insurance payout, you should settle these debts.

Why Would I Want Both a Lump Sum and a Structured Payment Plan?

A lump sum should give you funds to pay your accident-related bills. However, you may have reasons to consider collecting the rest of your settlement over a period of time. For example, if your injuries cause a permanent condition that will continue to require medical care, getting paid monthly should ensure you have enough money to pay for your treatments. If you are permanently disabled and cannot return to work, that monthly payment could support your family.

Everyone’s needs are different, and there is no right or wrong way to obtain your money. Your attorney can help you devise a plan that meets your needs best.

Call Our Experienced Fort Collins, CO Personal Injury Lawyer

When you choose Hoggatt Law Office, P.C., our dedicated Larimer County, CO personal injury attorney always provides customized strategies to protect your best interests. We offer free case reviews, so schedule yours now, either online or by calling 970-225-2190.