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What Factors Effect Obtaining My Settlement?

A top question Florida residents will have after experiencing an accident leading to a personal injury is “When can I expect my settlement?” After an accident causing injury, it’s unlikely a person will be able to work for quite some time, as medical bills are racking up along with their regular household expenses. Settlements are important to injured parties, and it seems that they can never come soon enough.

What many don’t realize is that there are several different factors affecting when you may be able to obtain your settlement. With these factors in mind, an injured person may have a better idea of when their compensation can be expected. The factors affecting your personal injury settlement in Florida are:

• The initial evidence process – Before a settlement can be obtained, the accident will need to be proven, and this involves the initial evidence collection process. With your personal injury attorney by your side, witness statements should be obtained, photographs taken, and medical records collected, all pieces that will verify that your accident happened and the circumstances surrounding it.

• You’ve been released by your doctor – If your physical condition was compromised as part of your injury, your attorney will not be able to proceed with your case until you’ve recovered or your medical team has deemed your condition stabilized. Before this point, the extent of your injuries may not be yet known, and therefore your settlement will be incomplete. After your medical team releases you to proceed, you’ll then be able to begin collecting medical records, bills, employment information, and other pieces of evidence to begin your pursuit of a settlement.

• Soliciting an offer – In the state of Florida, you’ll likely be soliciting an offer from your own insurance provider after a car accident, or with a worker’s compensation insurance provider after an injury at the workplace. Either way, you and your attorney will first need to solicit an offer from an insurance provider, which may take some time, before deciding which courses of action to take next. Typically, this initial offer will be quite low, and you’ll follow along in the negotiations process until a suitable settlement amount is reached.

• Lawsuits and arbitration – In an ideal world, a settlement amount will be reached during negotiations and the settlement will be shortly obtained. While this does happen in the majority of cases, it doesn’t happen in all, and some may need to bring their case into arbitration or file a lawsuit against an insurance provider. This will prolong the settlement process in some cases for weeks, and in others for as long as a year or more.

How To Handle Creditors When Waiting For Your Settlement

When a person has been injured in an accident, and they’re unable to work for significant periods of time, they may find that creditors begin getting curious where their payments are. What many injured parties don’t know is that this isn’t rare, and creditors are often willing to work with you if they’re provided insight into your accident situation. Immediately after an accident, or when you’re physically able, creditors should be notified of the accident’s occurrence, your condition, and when you will be expected to return to work or receive compensation. In some instances, your personal injury attorney may need to contact creditors to verify information.

As long as creditors are provided the information they need to know what to expect, they’re often understanding in personal injury accident situations. To learn more about the factors affecting your settlement, or how you can provide creditors with the information they need to suspend your payments until you’ve recovered, contact us at today.