The People’s Lawyer

What happens when you settle a personal injury claim?

On Behalf of | Jan 9, 2022 | Injuries

Personal injury accidents can be devastating. Often, West Virginia residents who suffer injuries in car accidents, dog attacks, and other serious incidents incur significant medical costs and lose time from their jobs and families. It can feel overwhelming to consider going to court to be compensated for one’s losses after getting hurt.

One alternative to extended litigation is settlement, but the injured should know what it means when they agree to settle their claims. This informational post may serve as a good place to start for individuals who are been contacted about settling their possible personal injury cases.

What is a settlement?

A settlement is a contract, and a contract is an agreement between parties. When parties make a contract, they each agree to perform under the contract as stipulated, which can mean providing money in exchange for an action or product. When it comes to settlements, the parties may agree that the responsible party will pay money to the injured party in exchange for the injured party losing their right to sue later on based on their personal injury claims.

Possible downfalls

As readers may see, settlements can cause problems for injured parties if they are not fully compensated. When a victim agrees to a settlement, they effectively waive their right to sue, and if their settlement amount is not enough to cover their injury costs, they may not have options for seeking more. This is not to say that all settlements are problematic, but victims should know what they are agreeing to before they sign settlement documents.

Settlements have their place in the law. Personal injury lawyers can help their clients understand if they serve beneficial purposes for them in their cases.