Receiving Payments in a San Antonio Catastrophic Injury Case

After an accident that results in a catastrophic injury, you may receive a settlement or court award that will provide you with financial compensation for some of the losses you have to deal with—including your medical bills, wage losses, and overall suffering. However, receiving payments in a San Antonio catastrophic injury case can look different depending on the agreement you reach with the insurance company. Working with a catastrophic injury attorney can help you choose the right solution for your needs.

Payment Options After Catastrophic Injuries

Catastrophic injury claims often include substantial damages, which means that settlements involve high dollar amounts. As a result, injured individuals should work with their lawyer to make sure they have chosen the right solutions for their needs.

Lump Sum Settlements

When the injured person receives a lump sum settlement for a catastrophic injury in San Antonio, the insurance company or liable party will pay out the entire amount of the settlement at once. The injured person will then decide how to manage the full funds from the settlement.

Structured Settlement

With a structured settlement, the injured person will receive payments from the insurance company or liable party over time, rather than getting a lump sum payment. While they may receive a larger initial payment to help cover their current or immediate costs, most of the settlement will arrive through those payments over time. Structured settlements are often intended to cover things like lost earning potential or ongoing medical costs, which will occur over time.

The Payment Process Following Catastrophic Injury Settlements

Receiving payments in a catastrophic injury case often does not mean that the injured person in San Antonio will receive the funds from the claim directly. Typically, the check from the insurance company will go to the lawyer’s office. The lawyer will then place the check in a trust account for the injured individual.

Before the injured individual receives the funds from the claim, the attorney’s office will distribute funds to any creditors and manage any costs.

Legal Fees

Many personal injury lawyers accept cases on contingency, which means they will accept a percentage of the funds the injured person receives as payment. The legal office will deduct those fees from the trust account.

Costs Associated with the Case

In addition to deducting their legal fees, the attorney will take out court costs, filing fees, record request fees, and any other expenses directly associated with the claim.

Medical Liens

Medical care providers may place a lien on the funds from the settlement to ensure that they get payment for treating the injured individual. The law office will take care of distributing the funds to medical care providers who have issued those liens.

The Injured Person’s Funds

Once all outstanding bills and liens have been taken care of, the injured person will receive the remaining funds in the trust account. They can then use those funds to manage their remaining bills and any other expenses.

Reach Out to an Attorney to Learn More About Receiving Payments in a San Antonio Catastrophic Injury Case

Receiving payments in a San Antonio catastrophic injury case can be complicated. By working with a lawyer, you can feel more confident that you have chosen the right payment solution for your specific needs and that you understand how those funds will be distributed. Reach out to Felix Gonzalez Law Firm to learn more about how we can help you navigate your claim, including making decisions about how you will manage your settlement payments.