How Are Personal Injury Settlements Paid Out in Wisconsin?
If you’ve been injured in a Wisconsin accident, what you probably want to know most is – when will I get my settlement money, and how will it be paid out to me?
The short answer is that in Wisconsin, personal injury settlements are typically paid out in one of two ways: a lump sum or structured settlement.
A lump sum payment is a full settlement amount upfront in one cash payment. (Typically the most preferred method) A structured settlement, on the other hand, is paid out over several years through ongoing periodic payments.
As experienced Wisconsin personal injury lawyers, we’ve helped clients secure millions in compensation through both lump sum and structured settlements. In this comprehensive guide, we’ll explain in detail how personal injury settlements are paid out and how to get help.
Selecting the Payment Option for Your Personal Injury Settlement
When negotiating your personal injury settlement, one important decision is finalizing how the compensation will be paid out.
Our experienced attorneys help you select the optimal payment structure for your needs from these common options:
Lump Sum Settlements – Providing Immediate Financial Relief
With a lump sum settlement, the at-fault party’s insurer pays out the full agreed-upon amount in one payment after any liens are settled. This allows you to immediately pay off medical bills, replace lost wages, and move forward financially. It provides fast access to funds but requires wise money management.
Structured Settlements – Offering Predictable Payments
Structured settlements provide a stream of payments over a set number of years, often utilizing tax-free annuities. This guarantees you regular income to cover major expenses like ongoing medical costs. Structured settlements provide long-term security but less immediate access to cash.
How the Settlement Process Works in Wisconsin
Once you agree to a settlement amount or receive a favorable verdict, a few steps must happen before you receive any funds.
Settling Liens and Paying Medical Bills
Your attorney must first verify and resolve any outstanding medical liens and bills using the settlement funds. This involves negotiating with healthcare providers to reduce charges to appropriate amounts. We level the playing field against overbilling.
Remaining medical debts are then paid from the settlement to free you from collections harassment. This provides a clean slate as you continue recovery.
Paying Attorney Fees
In Wisconsin, most personal injury lawyers work on a contingency fee basis, taking a percentage of the final settlement amount as payment for their services. This fee covers the attorney’s costs for investigating your personal injury claim, negotiating with insurers, and filing a lawsuit if needed.
Timing of Settlement Payments
For lump sum settlements, you typically receive payment 4-6 weeks after reaching a settlement. This allows time to finalize the agreement, resolve liens, and process the payment documents.
Structured settlements begin disbursing after these administrative steps, providing reliable income based on the agreed schedule. This may involve monthly, quarterly, or annual payments over many years.
Either way, our experienced attorneys stay engaged to ensure the at-fault insurer honors the terms and provides payments on time. We fight payment delays to get you the compensation you need.
Though complex behind the scenes, we make the settlement process as smooth as possible. Our goal is to get maximum compensation into your hands promptly.
Let the Team at Welcenbach Injury Law Fight for Your Best Settlement
If you or a loved one suffered an injury in Wisconsin that was caused by someone else’s negligence, the dedicated attorneys at Welcenbach Injury Law have the skills, resources, and proven track record to help you recover fair compensation through a personal injury settlement or court award.
With decades of experience securing millions for injured clients, we know how to navigate the settlement process to maximize your payout. Trust us to fight insurers for the compensation you deserve while you focus on healing.
To schedule a free, no-obligation case review and learn more about securing your best settlement, contact our office today. The sooner we can start building your claim, the better your outcome will be.