3 Important Facts about Compensation
When a person is injured in a car accident, they may want to pursue legal action against the responsible driver or traffic authority. An injured motorist may want to learn more about their claim before filing suit. In particular, learning about their compensation options can help them to make more informed decisions.
If you have been injured and are preparing for legal action, we may be able to help you. For a free consultation regarding your rights and options as an injured motorist, contact the Waukesha car accident lawyers of Habush Habush & Rottier S.C. by calling 800-242-2874 today.
Understanding Personal Injury Compensation
The circumstances of each case are different, as are the kinds of damages that may be relevant to your situation. However, the following are some generally applicable facets of understanding personal injury compensation.
#1: Compensation Can Come in a Lump Sum or through Regular Payments
When a person receives compensation after a successful injury claim, they may receive their compensation funds through a single lump sum payment or through what are known as structured settlements. Structured settlements are essentially payment plans for a defendant. On a regular schedule, the claimant will receive their structured settlement payments until the compensation funds are completed.
#2: Structured Settlements Can Be Deferred to a Third-Party
In some cases, a defendant may not want to keep the settlement amount left on their accounts. They can opt to pass on this burden to a third party, who will then provide regular payments to the claimant. There are both benefits and set-backs with this approach, but it can help a claimant push for more secured, regular payments if a defendant is usually unsteady in providing compensation.
#3: Compensation Is Generally Not Taxable
Under the US Tax Code, compensation generally will not be taxed for a claimant if the injuries were linked to a personal injury case. Medical bill compensation, coverage for pain and suffering, lost wages, etc., are all considered non-taxable.
If you have been injured, there may be compensation available to cover the expenses you incurred. To discuss how we may be able to help you get back your financial stability after an injury, contact the Waukesha car accident lawyers of Habush Habush & Rottier S.C. at 800-242-2874 today.