Personal Injury Lawsuits: How They Can Take a Toll on Your Finances

Saturday, April 7, 2018, 6:00 PM | Leave Comment

If you are the cause of someone else’s injury, whether intentionally or through negligence, this can lead to you being drug through court.

As you can imagine, a personal injury lawsuit can impact your financial situation in a rather negative way.

You may not realize just how serious this can become, so here are a few points to consider that will put you in the shoes of the person who lost big in and outside of court.

  • Factoring in Judgments and Court Costs

    According to the Alexander Law Group, the term personal injury can refer to a vast number of different scenarios from a person being scalded by a hot beverage to a driver causing a car accident.

    When you are involved in causing injury to someone else, the courts usually interpret this to mean that you must compensate the injured party.

    So, the first hit to your finances is summed up in the judgment assigned to you by the court that outlines how much you owe the plaintiff. This amount is added to the amount you owe in attorney fees.

    In short, litigation for personal injury cases can be expensive all around.

  • A DUI Collision

    If the injury you cause to another is the result of a collision, where you are charged with a DUI, this can be an even greater hit to your financial situation.

    Not only will you owe the injured party for the damages you caused to their person, but you may lose your ability to drive. This could even cost you your job. In other words, your financial situation could easily be wrecked by this point.

  • The Winner Can Lose Too

    Often the focus in the financial loss of a personal injury lawsuit is discussed in terms of the one being sued. But, the one being compensated for their injury can experience financial trouble too.

    Aside from an injury that causes them to lose their job, it is possible that even if they win the court case that their winnings could be garnished by their state of residence.

    According to livestrong.com, the settlement a person receives from a personal injury case may be counted as income. Being that that is the case, such an individual may owe back child support as well.

    In certain states, this is grounds for the state to take this money from the injured party to pay back the unpaid child support. Of course, this can be a problem for an injured person who is out of work, because they may have been depending on that money to make up for the loss of wages.

  • Medical Bills

    Often times, personal injury lawsuits are brought up due to outstanding medical bills that would have been unneeded if the accident never happened in the first place.

    Depending on your medical insurance, it may not be enough to cover all of the injuries, tests, and procedures done.

    When it comes time to pay the medical bills, they can take a toll on your personal finances. This is why winning or settling the lawsuit in your favor is so vitally important so you don’t have to break the bank during your recovery.

Personal injury lawsuits can truly impact the financial situation of both parties involved. Whether you are on the paying or the receiving end of such a lawsuit may not matter.

Your situation could simply be one where financial loss is an inevitability. So, it may be prudent to consider strategies for mitigating these problems long before you ever find yourself involved in a personal injury lawsuit.

Throw us a like at Facebook.com/doable.finance


Post a Comment on Content of the Article

 

This is not a billboard for your advertisement. Make comments on the content else your comments would be deleted promptly.

CommentLuv badge