Personal Injury Settlement: How Much Goes In My Pocket?

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Personal Injury Settlement Breakdown: How Much Goes In My Pocket?

Injuries caused by another party’s recklessness are painful and often costly to treat. In Michigan, accident victims can demand compensation for their losses through a personal injury claim. But how much money will you get in a settlement? That’s a difficult question to answer.

Here’s the bottom line: There’s no way to know in advance exactly how much money you will receive in a personal injury settlement.

First, you should know that the responsible party in your case (often an insurance company) will be fighting hard to have your claim minimized or dismissed. In addition, the amount you are able to collect may also be impacted by state laws and insurance policy limits. The best way to learn how much you could potentially receive is by talking to an experienced Michigan personal injury lawyer.

Contact Christensen Law today. Our knowledgeable Detroit injury lawyers can break down the personal injury settlement process for you in a free consultation. Call or fill out our online contact form now.

How Much Do Detroit Personal Injury Lawyers Charge?

Many people worry that they cannot afford to hire a personal injury lawyer. The good news is that the majority of personal injury law firms, including Christensen Law, take cases on a contingency fee basis. That means that you pay no upfront expenses for an attorney to begin work on your claim. Instead, the lawyer will charge a percentage of any settlement that you receive at the conclusion of the case. In this arrangement, the lawyer only gets paid if your case wins.

In Michigan, attorneys are permitted to collect up to one third (33.33 percent) of the total settlement amount after expenses (like filing fees, etc.) are repaid. Your financial obligations should always be spelled out clearly in your fee agreement and thoroughly explained by your attorney, so be sure that you understand what you’ll owe before you sign it.

How Much Money Will I Take Home From My Settlement?

No one can guarantee how much money you will take home from your settlement. First, you should know that no lawyer can truthfully promise you a win. The best experienced lawyers will not mislead you by pretending that you will “likely” receive a specific amount. After all, at the beginning of a case, the lawyer has no medical records, does not know the insurance policy limits, and has not investigated any of the facts that will ultimately determine how much money a client will receive.

In Michigan, you can be compensated for losses including but not limited to:

Certain types of personal injury cases, such as medical malpractice claims, are subject to caps on the amount of money people can recover for their injuries. In other cases, the total amount of a settlement can be limited to the insurance policy limits of the responsible party. If the cost of your injuries exhausts the full amount of the at-fault party’s insurance policy, your ability to collect full compensation may be limited.

Even if you receive the full settlement you deserve, certain costs will reduce the amount you ultimately have in your pocket. The attorney’s fees and out-of-pocket expenses will come out of the settlement, as well as any medical liens or expenses that you incurred prior to receiving the award. Once those outstanding expenses are paid, the remainder of the settlement is what you will take home.

Hurt? Contact a Detroit Injury Lawyer Now

Christensen Law is a respected Detroit personal injury law firm that has secured record-setting verdicts and settlements for injured people throughout Michigan. From car crashes and truck accidents to defective products and school abuse claims, our legal team has the experience and dedication to pursue maximum compensation for you.

To learn more, call or contact us today for a free consultation.