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If you think this is the end of the lawyer-client relationship, think again. Even if the decision was made, you will still continue to be working with your California car accident lawyer. This should ensure that you will be able to get the right amount of compensation. But the question still lies unanswered, how will you be able to collect the money?
Case # 1: The plaintiff was happy to know that he was able to defend himself and won the case. He is to receive $20,000 total amount of money to compensate the injuries and damages that resulted from the accident. The defendant along with his insurance company was able to provide the amount. The plaintiff was expecting to receive a check amounting to the amount that was required of the defendant to provide. However, all his expectations went the other way around. Instead, he received a dozen of paint bucket full of change. Although it was the exact amount to be rewarded, is this the right way to collect the money? How are settlement claims supposed to be paid?
3 Ways Settlements are Paid:
* Structured SettlementYour California car accident lawyer may have discussed the methods of collecting the claim. He may have talked about the structured settlement. This is the method where plaintiffs are sure that they are able to receive enough compensation that could support them for a long period of time. Say, he needed to be rewarded to cover from the days he could not come to work from the injuries he has incurred resulting from the accident. Although the next method we are about to discuss could be better, there are victims who would prefer this way. As a matter of fact, this has become a common method to collect the settlement claim.
* Lump Sum Payment
There are injured parties who would want to receive the money at once. This is the kind of payment they are after. Usually, defendants provide the payment in the form of check, cash, and even in coins. Just as the case discussed above, it happens. It is still rightful. On the other hand, there are victims who would prefer to receive a combination of a lump sum payment and a structured settlement. This is where the winning party will receive an amount of compensation right after they have won the case. Regular payments, then follow.
There are injured parties who would want to receive the money at once. This is the kind of payment they are after. Usually, defendants provide the payment in the form of check, cash, and even in coins. Just as the case discussed above, it happens. It is still rightful. On the other hand, there are victims who would prefer to receive a combination of a lump sum payment and a structured settlement. This is where the winning party will receive an amount of compensation right after they have won the case. Regular payments, then follow.
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| Photo Credit: Flickr(dot)com, stevendepolo |
* Class Action Settlement
In some serious cases where serious injuries and damages are involved, payments are in the form of a general fund. Greater payouts are oftentimes received in this method. No matter how common the first two methods are, there are still cases where they would prefer this kind of payment.
In some serious cases where serious injuries and damages are involved, payments are in the form of a general fund. Greater payouts are oftentimes received in this method. No matter how common the first two methods are, there are still cases where they would prefer this kind of payment.
Never hesitate to ask the best accident attorney in California for you to have a good knowledge how the settlement claim is to be paid and collected.
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