Personal injury settlements in Maryland are paid out in different ways, depending on how each settlement is structured. If you file a successful legal claim, you could be entitled to a lump-sum payment or periodic disbursements over time.
The Differences in Payout Options
If you are the victim of a personal injury accident and file a successful claim, you could be faced with deciding how to receive any awarded compensation. Generally, you could opt for a lump-sum payment or a more structured settlement. There are pros and cons to each type of settlement.
Lump-sum payout: A lump-sum payout means that you would receive all compensation in a single, immediate payment. While it is beneficial to receive compensation upfront, lump-sum payments are generally worth less than longer-term structured settlements.
Structured settlements: Structured or periodic settlements are paid in installments over time, usually on a monthly or annual basis. This means that you would receive a portion of your settlement in increments. While you would initially receive less than a lump-sum payment, structured settlements often exceed lump-sum payment amounts over the course of the payment schedule.
It could be helpful to discuss your situation with a legal or financial professional before settling on the payment option that is right for you.
For legal consultation, call (410)777-8960
How Much Are Claims Worth?
The amount of a personal injury settlement, payment structure, and type of compensation is different in each case. Generally, compensation awarded in a successful personal injury claim is proportionate to the loss and suffering experienced by a victim. This means the more you suffer or experience loss, the higher the amount of compensation potentially available.
Types of Compensation Available for Victims
Personal injury settlements can be awarded based on several different types of suffering. If you were the victim of an accident or injury caused by a third party, the type of compensation available might include:
- Damages for emotional suffering
- Reimbursement for medical bills, including doctor office visits, physical therapy, prescription medication, and more
- Compensation in wrongful death cases
- Reimbursement for any lost personal property resulting from an injury
- Much more
Common Examples of Personal Injury Cases That Could Be Grounds for a Claim
Injuries are a part of life, but they could be grounds for a claim when a third party causes an otherwise preventable injury. The Centers for Disease Control and Prevention (CDC) estimated that accidental injuries in 2018 alone caused nearly 25 million visits to the doctor.
If you were injured in any of the following ways, you could have a case:
- Vehicle accidents
- Assaults, theft, and other cases of violent attacks
- Animal attacks and bites
- Medical malpractice
- Slip and fall accidents
- Injuries resulting from defective consumer products or malfunctions
- Recreational accidents
- Work-related accidents and injuries
Pain, Suffering, and Loss
Settlements in personal injury cases are usually awarded because you have experienced pain and suffering at the hands of another party. If your injury caused you pain, suffering, or loss in any of the following ways, you could qualify for compensation:
- Broken bones, sprains, strains, cuts, scrapes, bruises, dislocations, and other forms of physical trauma
- Stress, anxiety, changes of personality, sleeping difficulties, and other forms of emotional suffering
- Financial struggles following unexpected medical bills, property loss, and more
If you were the victim of a personal injury accident, remember you have legal options. Filing a claim could help you recover the compensation you deserve, which can make life easier during your recovery.
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Hiring a Lawyer
Following an accident or injury, it can be helpful to have a lawyer by your side, especially if you are considering legal action. There are several ways in which hiring a lawyer can help.
Lawyers have a vast knowledge of the law and can help push your case through the system while assisting with time consuming paperwork. A legal team also offers general support and is available to answer any questions you might have about the process.
If you are awarded compensation, your legal team can help you understand your options for how a settlement is paid out.
While you are free to pursue a claim independently, having a lawyer by your side could be a good idea for these reasons and more.
How Long do I Have to Take Action?
According to Md. Cts. & Jud. Proc. Code § 5-101, the statute of limitations in Maryland is three years for personal injury cases. This means that you may have a limited amount of time to pursue legal action following an accident, injury, or the onset of your suffering.
Contact the Law Offices of Adam M. Smallow Today
Dealing with a personal injury can impact your life in more ways than you might imagine. To learn more about what you can do to pursue a settlement, call (410) 777-8960 today for a free consultation with the Law Offices of Adam M. Smallow.