Personal injury settlements in Texas are typically paid out in either of two ways: as a lump sum or through a structured settlement.
Lump Sum Payment
A lump sum payment is one way to receive a personal injury settlement. This option provides the injured party with the total settlement amount at one time. A lump sum gives the injured person immediate access to funds they need to cover lost earnings, medical costs, and other pressing expenses.
Structured Settlement
Alternatively, individuals may opt for a structured settlement. These settlements are paid over a specific period in regular installments. This approach provides the injury victim with a steady income stream to cover their financial needs and ongoing expenses.
The Process of a Personal Injury Settlement in Texas
Here’s what you can expect as you settle your personal injury case in Texas:
Agreement Reached
Once a settlement agreement is reached between the injured individual and the at-fault party or their insurance company, each involved party will be provided a written outline of the settlement. This form will show the cause of action, the terms of the settlement, and how the compensatory damages will be paid out.
Finalizing the Settlement
Next, your personal injury lawyer will coordinate with the defense team to prepare the legal documentation to finalize the agreement. It is essential to review this information with your attorney to make sure you understand the amount of money you will receive, what it covers, and how you will receive the settlement payment, whether through a structured settlement or a lump sum.
Funds Sent
Once the agreement is signed, the distribution process moves forward according to the terms of the settlement. Upon receiving the settlement funds, your lawyer will verify the amount to ensure it aligns with the agreed-upon terms.
Distribution
Finally, your lawyer will distribute the funds so you have the money you need for your ongoing medical care, lost wages, and other expenses like pain and suffering. During this phase, any legal obligations, such as attorney fees and court costs, are settled. Meeting all legal obligations is crucial for the successful conclusion of the settlement process.
Get Legal Help From Our Experienced Personal Injury Lawyers in Dallas
The personal injury settlement process can be challenging, especially without the guidance of a dedicated legal team. Simplify the process by seeking help from a personal injury lawyer right away.
At Kraft & Associates, Attorneys at Law, P.C., our experienced personal injury lawyers in Dallas advocate for the rights of injured people and help them settle for more. If you have been injured due to someone else’s negligence, call us at (214) 999-9999.
