Do You Know These 3 Things About Compensation?
After being injured in a car accident, a person can be left feeling frustrated and hopeless. With substantial medical bills piling up yet no wages to balance the cost of treatment, an injured motorist can feel as if few options are left. However, legal compensation may be available for those who have been injured in auto accidents caused by the negligence of others.
Injury claims help thousands of Americans regain financial stability after car accidents. If you have been injured in an auto accident due to a careless individual’s behavior, contact an Iowa car accident lawyer of LaMarca & Landry, P.C., by calling 877-327-2600 today.
Three Things to Understand about Compensation
If you are interested in filing for compensation after an auto accident, there are three important things to understand regarding your potential remuneration, including:
#1: Compensation Is Not Usually Taxed
Besides some specific types of remuneration, such as punitive compensation and interest money collected on compensation, money received as personal injury compensation will not be taxable for the claimant. When a claimant receives this money, they are able to put it directly towards their bills and dwindling finances.
#2: You Can Receive Compensation in a Lump Sum or in a Structured Settlement
Compensation can be paid in two main ways: lump sum or structured settlement. With a lump sum, the claimant will receive all of their money at once. Structured settlements divide up the compensation total, giving the claimant a reasonable portion at a steady rate.
#3: Defendants Can Pass On Their Compensation Obligations
If the claimant and defendant agree to the arrangement, a defendant is legally allowed to pass on their compensation obligation to a third party. While the defendant will still pay for the compensation, the third party will be responsible for dispensing the funds according to the structured settlement plan.
Contact Us
If you have sustained an injury on the road because of another person’s negligence, you may be entitled to pursue compensation. For more information regarding your legal options as an injured motorist, contact an Iowa car accident attorney of LaMarca & Landry, P.C., at 877-327-2600 today.
