For many people, securing a fair monetary settlement after months or even years of negotiating with an insurance company can feel liberating. Concluding your personal injury claim should feel like have obtained a measure of justice following your accident. It is also important to understand how the process unfolds to answer the question, How are personal injury settlements paid out in Hawai’i?
The insurance company will not immediately deposit funds into your account the moment a negotiation is complete. There are other obligations that must be addressed, and the at-fault party will also likely have some requirements before the settlement is complete. The attorneys of Olson & Sons could help you resolve your injury claim without delay.
Personal Injury Releases and Waivers in HI
Negotiating a personal injury claim is a two-way street. As an injury victim, you are seeking monetary compensation from the responsible party. However, the other side expects something in return during the course of these negotiations. In exchange for a monetary payment, the other side will expect you to waive all of your claims related to the accident in question. This usually comes in the form of a written release.
A release is a legal document signed by the parties to a personal injury claim. It spells out the specific language of the settlement, including the amount of compensation that is to be paid to you. The release earns its title from the fact that by signing it, you release all of your rights to pursue your claim against the at-fault party.
You will only get one chance to resolve your personal injury case. Once you secure a settlement and sign the release, you will never be able to pursue that claim again. The at-fault party and their attorney will require that the release be negotiated and signed before payment on your claim can occur.
How Liens and Medical Bills Are Paid
When the defendant in your personal injury claim pays a settlement, they will submit the check directly to your attorney. Before you will ever receive any of your money, it is your attorney’s duty to resolve your medical liens.
For many people, paying for the medical expenses related to an unexpected injury out of pocket is impossible. To ensure an injured person does not have to go without care, medical providers will treat the injured party in exchange for a medical lien. This lien is more than just a bill; it must be satisfied before a personal injury claim may be completed.
It is worth noting that negotiations are commonplace when it comes to resolving medical liens. Often, medical providers will agree to accept less than the full amount of the lien in an effort to expediate payment. Your attorney could not only help you resolve your liens but also save you money in the process. Sometimes, a settlement will only be possible if a medical provider will agree to a reduced lien.
Costs and Attorney Fees Resulting from a Personal Injury in HI
There is a final step that occurs before you will receive your compensation—your attorney will collect their fee. As is the case with medical providers, your attorney also holds a lien on your settlement. In fact, the other party will typically put their name on the check as well as yours to ensure the lien is resolved.
The fee your attorney is owed will depend on the agreement you reach with them. Typically, personal injury lawyers are paid on a contingency fee basis. This means that they will keep a percentage of your settlement as their fee. The percentage taken by the attorney will vary, but usually falls between 25 and 50 percent.
The benefit of this relationship is that a personal injury victim will never be at risk of losing money on attorney fees if their personal injury claim is not resolved successfully. With a contingency fee approach, an attorney will only be paid once you are.
How Are Personal Injury Settlements Paid Out in Hawai’i?
Once your attorney has taken their fee out of your settlement funds, it is the duty to forward the remainder to you. At this stage, all of your medical bills and legal fees have been paid. Everything that remains will compensate you for any other out-of-pocket expenses or serve as non-economic compensation for your other losses. How you spend this money once you receive it is up to you.
Discuss Your Personal Injury Case in Hawaii With Olson & Sons
One of the benefits of working with an attorney that understands the personal injury claims process is that they can help you every step of the way. This includes not only securing a favorable settlement but also guiding you until the moment your compensation reaches your bank account. If you’re wondering how are personal injury settlements paid out in Hawai’i, asking a lawyer will get you that answer.
The attorneys of Olson & Sons have a long track record of success with personal injury claims. To learn more about how we could help with your case, contact us right away to schedule your free consultation.