Saturday, October 24, 2020

5 Ways a Personal Injury Lawsuit Impacts Your Lifestyle

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Personal injury lawsuits are all about meting out justice. If someone wrongs you, you need to take a stand and hold them financially accountable. That is your right, even if you’re going up against a powerful entity like a multimillion-dollar corporation.

Regardless of whether you’re trying to get money from an individual or some faceless conglomerate, your lifestyle might change dramatically after the lawsuit, win or lose. Let’s look at how this judgment might impact your world.

You Might Get a Significant Financial Upgrade

Personal Injury Lawsuit Impacts Your Lifestyle

If you win an injury lawsuit, you could get millions in some instances. Keep in mind, though, not all of that money is yours. You’ll have to pay your lawyer, and most of them charge somewhere between 33.3 and 40 percent for personal injury cases.

Still, you might get a significant chunk of change out of this deal. You could use it to:

  • Pay off your mortgage
  • Upgrade to a bigger house
  • Get yourself a fancy new car

It’s up to you whether you choose to be practical or use the money for frivolous things. However, since this is a personal injury lawsuit, you might have to use a lot of that money for medical bills, physical therapy, retrofitting your home to accommodate your physical condition, etc.

It Might Leave You Destitute

The other way this could go is that you might lose the lawsuit. Maybe the jury feels like there is not enough evidence that what you claim took place. It could be that they don’t feel there’s credibility to what you’re alleging happened.

If so, you might have very little money left when this is all said and done. That’s because:

  • You might not be able to work while you recover from your injury
  • You may have medical bills piling up that you’re not able to pay

Perhaps you didn’t have insurance, yet you still needed to seek medical attention. Maybe you do have insurance, but it’s not very good, so you’re left with a bunch of copays. Hopefully, you will at least hit your yearly deductible at some point, so there’s a maximum amount you’ll owe doctors and hospitals.

You May Have to Pay the Lawyer Even if You Lose

Depending on the payment structure you set up with your lawyer, you also might owe them money even if you didn’t win the lawsuit. This happens when lawyers demand money upfront, or they charge you an hourly rate rather than you paying on a contingency basis.

That’s why you should never agree to anything other than a contingency payment plan if you hire a lawyer for a personal injury lawsuit. Unless you’re already in excellent shape financially, it can backfire if you lose the suit, but you’re still on the hook to your lawyer for a hefty bill.

Luckily, most lawyers agree to contingency payment plans with this lawsuit type. If the firm your first approach doesn’t, find someone different.

Your Friends Might Look at You Differently

You might decide to pursue a personal injury lawsuit against a friend or family member. That’s not an ideal situation, but you may feel that you have no choice if you’re sure the lawsuit’s target did you wrong.

However, just because you think that you have a clear moral high ground, that does not mean your other friends or family members will feel the same way. Perhaps they feel like you’re hardhearted for going after someone you know.

You’ll have to consider very carefully before pursuing this action. Whether you win the lawsuit or lose it, it could cost you friends or create a family rift.

It Could Cost You Your Job

Perhaps you feel that your employer was the entity that injured you. If so, then you can certainly go after them in court.

You’re not going to have a job there afterward, though, win or lose. If they injured you, you’re probably okay with that. Just know that you should start to hunt immediately, looking for another position elsewhere.

Word can also get around in your profession about what you did. Even if you were right to take legal action, some companies might shun you. It could be that you’ll have to get into a completely different profession because of your newfound notoriety.

Lawsuits are seldom easy. They take your time, your money, and they take a psychological toll. If someone hurt you, this still might be the best action to balance the justice scales.




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