Personal Injury Lawsuits: How They Can Affect Your Personal Finances
Monday, April 3, 2017, 6:00 AM | Leave Comment
There are many instances when one entity’s actions negatively impact another person. This may be through intentional actions or through negligence.
Everything from a workplace injury and a car accident to medical malpractice, dog bite issues and more can result in personal injury, lost wages, medical bills, pain and suffering and more.
Personal injury law enables the injured party to seek damages in court. This type of event can impact both the plaintiff’s and the defendant’s finances in numerous ways.
With a closer look at the impact of a personal injury case, you can get a better idea about what you stand to gain or lose.
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If You Are the Defendant
As a defendant in a personal injury lawsuit, the event may have already negatively impacted your finances significantly, and you may be feeling the heavy stress of money issues as a result.
You may have already suffered through the financial impact of lost wages while recuperating, and medical bills may be stacking up.
You may have endured incredible pain and suffering, your personal property may have been damaged, and you may have been impacted in other ways that the court may be able to apply a monetary figure to.
When you file a personal injury lawsuit, you may be awarded financial damages that can get your finances back on track after a significant setback.
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If You Are the Plaintiff
As a plaintiff in a personal injury lawsuit, your finances are impacted in different ways.
You may have different types of insurance coverage that will pay for some of the liability expenses you may face.
If the court rules in the defendant’s favor, your home or auto policy, for example, may cover the liability expense and legal expenses.
Any additional amount that is not covered by your policy, however, will need to come out of your own pocket.
You may also be responsible for paying both parties’ legal expenses if the judge issues this in his or her ruling.
A lawyer from a firm like Oxner + Permar, LLC can tell you more about your financial expenses related to a personal injury lawsuit.
As you can see, there are numerous ways that a person’s finances are impacted by a personal injury case.
Regardless of whether you are a defendant or plaintiff in a case, you understandably have a significant amount to lose or gain through the lawsuit.
You can speak with your attorney to learn more about your rights when you are initially presented with a personal injury event.
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