What Can People Use Their Personal Injury Lawsuit Money For?

 Posted on August 09, 2024 in Personal Injury

If someone’s negligence causes you injuries and other eligible losses, you can often receive compensation. Your payout may be in the form of a negotiated settlement or a verdict from a personal injury lawsuit. Either way, you may wonder about any restrictions placed on the money you receive. What can you use it for? How much will you get? Our Board Certified personal injury trial lawyer at James Kennedy, P.L.L.C. can answer your questions, calculate your potential damages, and help you get the highest possible amount of compensation.

How Much Is Your Case Worth?

As much as we would like to tell you how much an average settlement is, we cannot. The value of your case depends on several unique factors. If you have a valid personal injury claim, you may receive compensation for various damages, including:

• Medical bills

• Property damage

• Lost wages

• Ongoing care

• Diminished quality of life

• Pain and suffering

• Inconvenience

If the at-fault party demonstrated gross negligence, you may also be awarded exemplary or punitive damages.  

The amount you can receive varies, depending on things like:

• Whether you bear any responsibility for causing your accident

• The total of your medical expenses, lost wages, costs of ongoing care, and property damage

• How severely your accident and resulting injuries impacted your life

When you work with us at James Kennedy, P.L.L.C., we will examine your eligibility for all available damages and work toward the maximum amounts you deserve. We settle many cases without needing to file a civil lawsuit, but we will take your case to trial if that is what it takes to achieve a satisfactory outcome.

What Can You Do With Your Payout?

After you receive your compensation, there are no restrictions on how you can spend it. Many personal injury accidents leave victims with high medical bills, an extended time away from work, and other associated costs that can create financial strain.

When you get your money, it may be tempting to go on a spending spree, but it is recommended that you first pay any outstanding bills with the proceeds of your personal injury case. Remember to address any tax obligations, as well.

If your injuries prevent you from returning to work, you will need to consider how you will support yourself in the future. If this is a factor in your case, your legal team should ensure that your compensation is provided for future expenses. You may want to consult a financial advisor to determine the best way to meet these future needs and you may want to consider a structured settlement that pays you over time rather than a lump sum.

If you have extra money after all your bills are paid, think about:

• Setting a budget

• Creating savings accounts

• Investing

• Treating yourself, within reason

• Estate planning, including drafting a will

Some recipients do not manage their settlement funds well. They might neglect to pay their accident-related expenses, make large expenditures, or choose unwise investments. Creating a spending plan as soon as you get your money can help you ensure that you make the most of your funds.

Contact Our El Paso, TX Personal Injury Lawyers Today

If you believe you have a valid personal injury claim, call James Kennedy, P.L.L.C. today at 915-544-5200 to request your free consultation. Our El Paso County, TX personal injury attorneys will discuss your legal options and estimate your case’s worth. We will fight to help you obtain the compensation you deserve. Se Habla Espanol.