Top Reasons Why You Need a Personal Injury Lawyer to Help Win Your Accident Case

Posted on September 8, 2023 by admin

Whether you’re injured in a car accident, a slip and fall, or any other type of incident, dealing with the aftermath can be overwhelming. The pain and suffering, the mounting medical bills, and the loss of income can be highly stressful. In such difficult times, a personal injury lawyer will be your greatest ally. They can navigate the complex legal system, fight tirelessly for your rights, and help you seek and obtain the compensation you rightly deserve. In this blog post, we’ll delve into the top reasons why you should hire a personal injury lawyer to win your accident claim.

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Why Should You Hire a Personal Injury Lawyer to Represent You In Your Accident Claim?

Proven Experience and Knowledge of the Law

When you retain the services of a personal injury lawyer, you’ll be getting someone who is well-versed in the field of law. They have years of experience working on cases like yours – from car accidents to medical malpractice cases. This means they understand all aspects of the legal system and can offer valuable advice to help you get the best results possible. Moreover, they know your rights and will fight for them aggressively – giving you the best chance of winning your case. Not knowing the law can cause you to lose a winning case.

Effective Negotiation Tactics

When it comes to seeking compensation, negotiation is key. Your accident lawyer will be able to negotiate on your behalf with insurance companies and other parties involved in your accident case. They can ensure that you receive a fair and just settlement, taking into account all factors such as medical bills, lost wages, and pain and suffering.

Access to Expert Witnesses

Another great reason for hiring a personal injury lawyer is their access to expert witnesses. These individuals can provide valuable evidence in your case – allowing you to prove your claim and document a strong case for compensation. Expert testimony is required in almost all injury cases.

Dedication to Your Case

When you hire a personal injury lawyer, you can trust that they’re dedicated to your case. They’ll work hard to understand the details of what happened and fight for your rights every step of the way. This means that they’ll be available to answer any questions you may have, update you on the progress of your case, and ensure that all paperwork is filed correctly. If it is not, you can lose your case and because a person does not know all the rules and laws, it is vital to hire a personal injury attorney.

Contingency Fee Payment Arrangement

Many personal injury lawyers work on a contingency fee basis, which means that they only get paid if you receive a settlement or win your case. A contingency fee payment arrangement can be beneficial for those who are unable to afford the upfront costs of a lawyer but still need representation. It also motivates lawyers to work diligently on your case since their payment is dependent on its success.

In Summary

If you or someone you know has been injured in an accident, don’t hesitate to contact a personal injury lawyer today. They can offer invaluable advice on how to handle your case and help take the necessary steps towards seeking the compensation that you deserve. Hiring a qualified civil litigation attorney in Indianapolis will ensure that your rights are protected – so that you can focus on your health and well-being. That’s why it’s important to choose an accident claim lawyer who is highly experienced in personal injury law – so that you can rest assured knowing your case is in the best hands possible.

If you’re looking for an experienced and knowledgeable personal injury lawyer, contact Craven, Hoover, and Blazek P.C. at 317-881-2700 today! Our seasoned accident attorneys in Indianapolis, Indiana provide contingency-fee representation, so you don’t pay anything unless we successfully secure a settlement or verdict on your behalf.

Maximizing Your Settlement: Key Strategies in Personal Injury Claims

Posted on August 25, 2023 by admin

If you’ve been injured due to someone else’s negligence, figuring out how to maximize your personal injury settlement can be a daunting task. This blog will serve as your guide, highlighting key strategies to ensure you receive the compensation you deserve. We’ll discuss the importance of hiring a knowledgeable personal injury lawyer, understanding the process of filing a personal injury claim, and leveraging effective negotiation tactics.

The goal is to arm you with the necessary knowledge to navigate your claim confidently and successfully. Let’s dive into the world of personal injury settlements and explore these strategies in detail.

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Work with an Experienced Personal Injury Lawyer

Working with an experienced personal injury lawyer is the single best way to maximize your settlement. Not only do they have the knowledge, resources, and expertise necessary to navigate through the legal system and document a strong case on your behalf, but they can also ensure that you receive the full and fair compensation you deserve. A good lawyer will be able to identify the key facts, provide advice on your settlement options, help determine how much money you should expect to receive from your claim, and negotiate with the other party’s insurance company for a higher offer.

It’s important to note that not all civil litigation attorneys are created equal. When searching for a personal injury lawyer, make sure to do your due diligence. It’s also helpful to meet with your accident attorney before making your final decision in order to get an accurate assessment of their experience and ability to handle your case.

Understand the Legal Process for Filing a Personal Injury Claim

Once you have established a winning team, it’s important to understand the legal process of filing a personal injury claim. This process can vary depending on the jurisdiction and type of case, but typically includes:

Gathering information and evidence related to your injury…

Notifying the other party and their insurer that you intend to pursue legal action…

Drafting a demand letter that outlines your claim and expected compensation…

Negotiating with the other party’s insurer to reach an acceptable settlement amount…

If necessary, initiating a lawsuit in court…

During this process, your accident lawyer will be able to provide you with advice on how best to maximize your settlement. It’s important that you follow their guidance closely as it will ultimately benefit your case in the long run.

Leveraging Negotiation Tactics: Getting the Best Possible Settlement

Once your lawyer has outlined an acceptable settlement offer, it’s time to move on to the negotiation phase. This is where a well-prepared and experienced personal injury attorney can really make the difference. A knowledgeable personal injury attorney will be able to leverage their negotiation skills and tactics to help you get the best possible settlement.

Some key strategies that your lawyer may use include…

…presenting a compelling case with persuasive evidence.

…calculating a fair amount of compensation based on the facts of your injury and associated damages.

…asking for a higher amount of settlement, knowing that the other party is likely to counter with a lower offer.

…making sure you are adequately compensated for any pain and suffering you experienced due to your injury.

…rejecting any offers that are not in your best interest or do not match the estimated compensation amount .

By understanding these strategies and following your lawyer’s guidance, you can maximize your settlement and ensure that you receive the compensation you deserve.

In Summary

Getting a full and fair personal injury settlement is possible—but only if you have the right team and knowledge to back it up. Collaborating with a skilled personal injury attorney is crucial in order to optimize your settlement and guarantee the proper handling of your case. Moreover, comprehending the legal procedures involved in filing a personal injury claim and utilizing effective negotiation strategies can empower you to confidently navigate the settlement process and secure the rightful compensation you deserve. With this knowledge in hand, you’re now prepared to take on your personal injury claim with confidence and achieve the best possible outcome.

Would you like to learn how much your Indiana personal injury case is likely worth? Contact Craven, Hoover & Blazek, P.C. at 317-881-2700 to schedule a free initial consultation with a seasoned accident attorney in Indianapolis, Indiana. We can hold meetings over the phone or via online video conference if you are unable to travel. We can also visit your place of in-patient medical treatment. Act now while you still have time to file a claim!

Information About Personal Injury Structured Settlements

Posted on August 12, 2022 by admin

When you are in the middle of a personal injury lawsuit, your mind is in constant motion with questions about all the possible outcomes of your case. Although you might have an experienced personal injury lawyer on your side who is fighting for your rights to compensation, it can be tough putting your mind at ease until the case is completely settled.

Many people are worried about their settlements and wonder how they will receive their payment in the end. Questions like, “Will I get all my money at once?” and “Is it possible that my compensation will be awarded as a structured payment?” are all common concerns by most personal injury plaintiffs.

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The Benefits of Structured Accident Settlements

A structured settlement is an agreed periodic payment plan in which the recipient receives a set amount of money over a specified period. Structured payments are a fairly common method of dispersing personal injury settlements and verdicts. Whether a structured settlement is a good result or a bad one really hangs on the recipient. There are both advantages and disadvantages of structured payments, depending on personal perspective.

The number one benefit of a structured settlement is that you usually receive more money overall. In a lump sum payment, the amount is usually negotiated lower. Another major benefit is personal financial management. When a large sum of money is paid out overtime, it is typically easier to manage your finances, pay bills, save money, and maintain a positive financial portfolio. It may be especially beneficial in terms of tax liabilities as well.

Additional Advantages of Structured Payments:

☑ Simpler Tax Planning
☑ Possible Income Tax Advantages
☑ Additional Annual Income
☑ Broader Subsidy Opportunities
☑ Budget Protection

Disadvantages of Personal Injury Structured Settlements

One of the common downfalls to structure pay is limitation. For those consider themselves financially savvy, not receiving your full compensation can be a huge restriction since you cannot use the money to make any lucrative investments. In other cases, a personal injury victim has already paid all of their hospital bills, medical expenses, and other related expenses, out of pocket. They have also already incurred lost wages from work. So, by not receiving a full payment can be frustrating since victims in this type of situation is simply trying to put the money back where it was before their accident.

Timeline for Receiving a Structured Settlement

If you win your claim and an insurance company agrees to give you a structured settlement, you will not be given a paycheck right away. Instead, you will be paid a set amount over a set period of time. The terms of structured settlement agreements vary from case to case, and payment amounts, and schedules can be set in many different ways. These payments generally begin as soon as all the paperwork is processed; however, this time period can vary, and sometimes can take up to one year to begin receiving payments.

Lastly, a settlement can also be a portion paid out up front in cash and a portion in a structured settlement.

Are you looking for a seasoned personal injury law firm to obtain the maximum settlement for your Indiana accident claim? Contact the Law Office of Craven, Hoover, and Blazek P.C. at 317-881-2700 to schedule a free personal injury case evaluation. You can speak directly with a trusted and experienced Indianapolis personal injury lawyer over the phone, via online video, or in person at our office. We represent clients throughout the state of Indiana.

The Difference Between Special and General Damages in an Accident Settlement

Posted on March 11, 2022 by admin

When it comes to personal injury settlements, there are two primary categories of financial payment (damages) awarded to victims or survivors of victims: general damages and special damages. Such damages are awarded based on the specific losses incurred by the claimant or claimants.

Continue below for a brief description of general and special damages, including how they compare to one another and where you can find more information pertaining to your recent, wrongful accident in Indiana.

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The Purpose of Personal Injury Damages

Under tort law, when a person is a victim of negligence, which a is a failure to use reasonable care, a judge or jury may award damages to compensate them for their injuries and losses. Such damages can range from lost paychecks and medical bills to pain, suffering, and more. To measure the value of damages, a court must consider the losses and injuries of an accident victim’s body, mind, property, and overall quality of life. Personal injury settlements are designed to help accident victims or surviving family get back to the same state of life they were in before the accident and to fairly compensate the victim for what they experienced and will experience in the future.

Although there are several types of personal injury damages that may be awarded in a settlement, the two main categories are general damages and special damages.

Special Damages

Also referred to as compensatory or economic damages, special damages are the calculable to a large extent, losses suffered by a personal injury victim. They include hospital bills, medical expenses, lost wages from missing work, mileage to and from doctor’s appointments, property damages (in some cases), and similar precise values that can be added up with a calculator.

General Damages

General damages are also referred to as non-economic damages. These are damages that cannot be measured by a calculator, such as pain, suffering, metal anguish, PTSD, prolonged physical therapy or medical treatment, permanent disfigurement or scarring, and other conditions that cause a personal injury victim to lose overall enjoyment of life.

It is common for a personal injury victim to be entitled to both kinds of damages. Additional categories of damages that may be awarded in a personal injury lawsuit include punitive damages and future damages.

How to Determine Your Damages and Losses After an Accident

If you are wondering which damages you or your family are entitled to after being seriously injured in a wrongful accident, it is necessary to consult with an experienced Indiana personal injury lawyer. Accident attorneys can provide a free case evaluation that will allow you to discuss your questions and concerns with a licensed professional.

There are many ways a personal injury lawyer can prove your damages. You should save all medical bills, receipts, and any other type of documentation that shows the effects of your injuries. You should also save records showing when you missed work. You attorney will also help in obtaining the information for your claim.

Not sure which personal injury attorney in Indiana to choose for help you with your case? Contact the Law Office of Craven, Hoover, and Blazek P.C. at 317-881-2700 to schedule a free case evaluation with a seasoned Indianapolis Indiana accident attorney you can trust to recover the settlement or verdict you deserve. We represent victims all throughout the state of Indiana and Indiana residents injured in other states.

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Reasons Why Some Personal Injury Claims Take Longer to Settle than Others

Posted on February 9, 2022 by admin

Every personal injury case is different, especially when it comes to timelines. The length of time an injury case takes to settle will depend on several factors, including the lawyer’s professional ability, congestion in the courts, the at-fault party’s insurance carrier’s reasonableness, the claimant’s reasonableness in deciding to accept or reject a fair offer, and much more. If you are currently involved in a personal injury case, you are likely eager to settle, but you should only settle your case if you are getting full and fair compensation, based upon all the facts of the case.

Continue reading to learn the top three reasons why personal injury claims take time to settle or go to trial, plus who to consult for more answers to your accident case questions.

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Top 3 Causes of Accident Claim Delays

Do you feel as if your personal injury claim is taking longer than usual to reach a settlement? Well, before you place the blame on your lawyer or surrender too quickly to a low-ball offer, look at these 3 common reasons that contribute to accident claim delays:

1) Challenging Legal Matters and Disputes

The basis of virtually all personal injury claims comes down to two elements: first, establishing fault by proving negligence, and second, proving the full value of a victim’s damages and losses. If your personal injury case poses convoluted or challenging legal issues, such problems can make a case take longer to resolve. This is typically due to the argument of proving liability.

In a negligence lawsuit, the claimant, or plaintiff party, carries the burden of proving their case. In order to do so, they must provide evidence to establish that the opposing party had a duty of care, breached that duty of care, and as a result, caused an accident that led to serious losses and damages of the victim or to their surviving family.

2) High Settlement Case

If your personal-injury claim is one that involves a significant amount of money in terms of damages and demanded compensation, it can cause the case to drag out a bit longer. When such quantities of money are involved, more negotiations are likely to occur because insurance companies simply won’t payout more than they have to unless they have done their due diligence. An insurance company will investigate a big money case longer for a few reasons, but mostly if they don’t already have a good defense on the claim, or they believe that a claimant’s injuries and damages are not as severe as they have alleged them to be.

3) Maximum Medical Improvement (MMI)

If you are still receiving medical treatment for the injuries you suffered as a result of your wrongful accident, you have not yet reached maximum medical improvement (MMI), the point in which your injuries can no longer be improved. It is important to have patience while receiving medical treatments for the injuries caused by your accident because you could be entitled to further damages, such as permanent disability, loss of consor t ium, loss of companionship, loss of ability to work, future pain and suffering and more. You never want to settle a personal injury claim until you have reached maximum medical improvement. This way, you can ensure that you are given a settlement that covers all your losses and damages, both past and future.

Our law firm does not get paid until we obtain a settlement or verdict for you. That being the case, we strive to obtain a settlement or verdict as quickly as possible for our clients, but with the understanding that the settlement must be full and fair, based upon all the evidence for the case. Contact the Law Office of Craven, Hoover, and Blazek P.C. at 317-881-2700 to schedule a free initial case evaluation with a skilled civil litigator and discuss your pending personal injury lawsuit in Indianapolis, Indiana. We represent injured persons throughout the state of Indiana.

Does Personal Injury Compensation Cover Mental Health Treatment?

Posted on October 22, 2021 by admin

It is very common to suffer mental anguish and emotional health complications after being wrongly injured in an accident. This is especially true for those who have lost a loved one to a wrongful death incident, or for those who have to experience prolonged rehabilitation and therapy for their injuries or permanent injuries.

For this reason, many wrongfully injured victims wonder if they can obtain personal injury compensation to cover the cost of mental health treatment following an accident. The answer this question is not clear-cut, so continue reading to learn the facts you need to know.

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Claiming Mental Health Therapy as Part of Your Personal Injury Damages

As a wrongfully injured victim in a personal injury case, if you believe that your accident is directly related to your need for mental health therapy, you are entitled to claim these costs as damages. However, juries have the discretion of accepting that claim, as they would with any other medical claim. Insurance adjusters and legal representatives for insurance companies can be quite stubborn when it comes to accepting injured victims claims, even if supporting medical documentation is submitted. They will do everything they can in their power to reduce the value of the person’s claim as this is what they are trained to do and, in the end, if the insurance company pays less the insurance company makes more money.

For these reasons, it is critical to retain an experienced and skilled Indianapolis Indiana attorney who is well-versed and experienced in your type of personal injury accident. For instance, if you are injured in a car accident, be sure to hire a seasoned personal injury car accident lawyer. If you are injured in a slip and fall accident, search for lawyers who specialize in premises liability cases. Accordingly, if you are injured at work, hire a workplace injury lawyer who knows OSHA regulations and all surrounding Worker’s Compensation laws.

Does Your Mental Health Treatment Relate to Your Accident?

When determining your eligibility for being awarded compensation for mental health treatment, whether through a therapist or psychologist, it is important to ask yourself: “Does my need for mental health therapy relate to my accident?” and “Am I receiving mental health treatment from a qualified mental health professional?”

If the answer to these questions are: “yes”, then you can claim the cost of your therapy as damages in your personal injury case and the jury can put a dollar figure award for your psychological injuries as well. From there, your injury attorney will document a strong and impactful case to prove your damages and obtain the maximum settlement or verdict you deserve.

One way your personal injury lawyer will prove that your mental health therapies are related to your accident is to obtain a written opinion from a licensed medical practitioner stating that your mental, psychological, or emotional condition and the resulting necessary medical care, is causally related to the at-fault party’s negligent actions or inactions.

Mental Health Professionals Include:

☑ Therapists
☑ Counselors
☑ Licensed Social Workers
☑ Psychiatrists
☑ Psychologists

Because personal injury cases consider medical expenses as damages, seasoned Indiana personal injury lawyers can prove that your mental health therapy expenses, including both counseling sessions and prescription medications, are valid medical expenses causally linked to your accident, and therefore legitimate damages that you should be compensated for.

Are you looking for skilled personal injury attorney to represent you in your Indiana accident claim? Contact the Law Office of Craven, Hoover, and Blazek P.C. at 317-881-2700 to schedule a free personal injury case evaluation. Act now, before time runs out on your claim or significant evidence supporting your claim is lost. We represent surviving loved ones and persons injured as a result of the negligence of another throughout the state of Indiana.

4 Reasons Why Your Accident Case Will Likely End in a Settlement

Posted on January 5, 2021 by admin

In a personal injury case, a settlement is reached when the defendant’s insurance adjuster offers compensation to the plaintiff or injured party. Upon accepting the offer, the plaintiff fully relinquishes all rights to pursue any other claims against the defendant in relation to the personal injury case. It is a fact that most accident claims settle rather than go to trial. But why do most personal injury claims end this way? Well, for the same reasons yours likely will.

Continue reading to learn 4 reasons why your personal injury case will probably settle out of court, and how to get your accident claim on this track toward a successful outcome.

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At Which Point are Settlements Offered in a Personal Injury Case?

During the course of a personal injury accident case, a settlement might be offered by the opposing party at virtually any point. Most often, a settlement is submitted by the insurance adjuster after the accident claim arises, but before it is actually filed. This is a strategy used by insurance companies to get the injured victim or plaintiff to quickly settle for a small payment. In fact, this technique is a prominent reason why all accident victims need to hire a seasoned and skilled Indianapolis personal injury lawyer to represent their case.

Without adequate legal representation, accident victims are more vulnerable to accepting an offer that is less than what their claim is actually worth. Be sure to hire an experienced Indiana personal injury attorney as soon as possible to get your claim started on the right track, and to obtain the maximum settlement or verdict for your case.

Many Personal Injury Cases Settle Out of Court Because:

1. Cost Control and Risk Mitigation

Agreeing to a settlement tends to put personal injury defendants’ insurance carriers at an advantage because they have more control over the risks that might be involved in facing litigation from an injured victim. At the same time, they can mitigate their legal expenses by avoiding certain costs or excessive fees. You see, most insurance companies have it in their business model to payout such claims, as it is usually an inevitable aspect of the industry. But they do not want to pay too much, nor more than they have to. Trial is expensive, and you never know just how long it can go on. By avoiding trial, insurance companies avoid paying extra in court fees and legal costs.

2. Professional Discretion

Insurance companies do not like to put their legal matters in the public eye. So, many choose to settle with accident victims to avoid going to trial, which would be included in public records. This protects their public brand, character, value, and overall reputation. This is very common in defective product and product liability cases. Manufacturers and distributors do not want to be known for producing unsafe or dangerous products, so they will usually try to avoid going through a big public trial. It is common for settlements to attempt to include a requirement of confidentiality, protecting the defendant from negative publicity.

3. Faster Resolution and Remuneration

For accident victims, settling out of court will speed up the process for full and fair compensation. Trials can extend over a period of several months, sometimes years. When you add in appeals, it can take even longer to reach a resolution, and the resolution might not be what a plaintiff might expect. Furthermore, waiting this long to collect compensation for an injured victim’s damages and losses can cause excessive stress and struggle for both the victim and their immediate family.

4. A Guaranteed Payout

The primary reason why most personal injury cases settle out of court is because it gives the plaintiff, whether the injured victim or their next of kin, the guarantee of payment. Not only does a plaintiff know they will be compensated, but with the help of their lawyer, they will have an opportunity to negotiate for a fair settlement amount.

Your Leading Personal Injury Lawyers in Indianapolis, Indiana

Call Craven, Hoover, and Blazek P.C. at 317-881-2700 to consult with our skilled personal injury accident attorneys in Indianapolis, Indiana. Accident attorneys, Daniel Craven, Ralph Hoover, and Keith Blazek retain extensive trial and litigation experience representing injured victims in various types of personal injury cases. We offer free initial consultations to assess your case. Best of all, we never collect lawyer fees unless we recover compensation for you! We represent injured persons throughout the State of Indiana.

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Is it Better to Settle an Accident Claim Out of Court in Indiana?

Posted on October 2, 2020 by admin

There is a reason why most personal injury lawsuits are settled before ever having to go to trial. In fact, there is more than one reason why. Not only are trials very expensive, they can be extremely stressful and even more unpredictable in terms of liability and damages. Also, trials are not private, and they can sometimes last for years. In most cases, especially for minor accidents and injuries, settling out of court is quicker, cheaper, and less risky.

However, this does not mean that all injury claims are better settled out of court. Sometimes, depending on the circumstances, a trial is the better, or necessary, route to take. It is important to discuss the recommended strategy for your personal injury claim with an experienced accident lawyer who can provide experience based knowledge for what’s best for your case.

Continue reading to learn more about the advantages to settling an accident claim out of court, as well as, how to get started on your personal injury claim.

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Going to Court is Never the Cheaper Course of Action

Trials are expensive. And although your personal injury lawyer probably works on a contingency-fee basis, it is still something that can still hold back your final settlement after you receive your compensation. In most contingency-fee arrangements, the attorney receives 33% of any pre-trial settlement and then 40% of any compensation awarded once the trial begins. The client then receives the remainder after any expenses and subrogation or lien claims are paid. Not all contingency arrangements are done this way although the vast majority are; it differs among law firms. By avoiding court, the plaintiff can avoid paying high expenses in having to pay expert witnesses when going to court.

As for defendants, there is no contingency-fee basis. In almost all cases, the defendant’s insurance company must hire a lawyer who gets paid by the hour or the defendant’s attorney is an employee of the insurance company.

Trials Can Be Stressful and Cumbersome

Not just the trial itself, but the weeks leading up to the trial can also be very stressful for a person and their loved ones. Both the plaintiff and the defendant can be subjected to invasive examinations and cross-examinations, and in a public arena.

Trial Outcomes Cannot Always Be Well Predicted

Although today’s legal system is set up in a way that takes surprises out of the trial process, they can still pose a long list of potential unexpected occurrences that influence the final outcome of a settlement. For instance, key evidence may be excluded from trial by the judge, new testimony can come out on the witness stand, key witnesses may sound unreliable or not show up at trial, and more.

Aside from all these potential unpredictable possibilities, the amount of compensation recovered is up to the jury. This means a plaintiff can be awarded much more or much less than the parties expected. Out of court, the plaintiff party and the defendant party have control over the negotiation of recompense.

What to Do as an Accident Victim in Indiana

If you or someone you loved has been hurt in a serious accident as a result of negligence by a company, person, or entity, you may be entitled to legal compensation. Get started on a path to justice and full and fair compensation, right now. Call an experienced Indianapolis personal injury law firm to speak to a legal representative about your recent injury or accident.

Indianapolis Indiana Personal Injury Attorneys Who Won’t Back Down to the Insurance Companies

Call the law office of Craven, Hoover, and Blazek P.C. at 317-881-2700 to file a personal injury claim in Indiana. We are seasoned personal injury attorneys who want nothing more than to recover the full and fair compensation for accident victims across Indiana. We offer free initial consultations and never collect lawyer fees unless we prevail for you. Call 317-881-2700 and get started as soon as today.

Do I Have to Pay Taxes on My Personal Injury Settlement?

Posted on April 10, 2020 by admin

Are you wondering whether or not your personal injury settlement is taxable? This is an important question to ask since sometimes the answer is yes. However, it is more common for recipients of personal injury settlements to not have to pay state or federal taxes on the amount they are awarded following the conclusion of a case. Continue reading to learn more, particularly as it relates to Indiana law.

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General Rule of Personal Injury Payouts

Personal injury settlements are awarded to compensate victims for their damages and losses. Because of this, the general rule of thumb applied to personal injury payouts and income tax is that recipients do not have to pay taxes on the compensation they recover in a case. Yet, as with all things in life, there are always exceptions to the rule. Sometimes, personal injury compensation is taxable.

Taxable Settlements

Regardless of whether compensation is recovered in or out of court, so long as the recipient’s settlement is awarded to compensate for physical illnesses and injuries, their gross income is excluded from being taxed under the federal income tax code. As for state tax codes, they simply follow suit with federal tax codes, which means a personal injury settlement is exempt from being taxed by the state as well. You can get detailed information about this at IRS.gov.

Non-Injurious Compensation

For those who are awarded personal injury compensation for punitive damages, recipients are not typically exempt from paying state or federal tax. Punitive damages, also known as exemplary damages, are not intended to compensate a victim for the loss of their quality of life. Instead, they are meant to punish the at-fault party, as well as, set a public example and deter the particular type of gross negligence involved in the accident. See our blog, “What are Punitive Damages in a Personal Injury Lawsuit?” to learn more about the types of damages awarded in a personal injury case.

Although recipients of compensation for punitive damages must pay taxes on their settlement, they are allowed to deduct attorney fees from this amount. For instance, if a personal injury victim is awarded $100,000 and their lawyer uses the 1/3 contingency fee payment arrangement, they could deduct $33,333.33 from their settlement amount, leaving only $66,666.67 to be taxed.

✏ Compensation for Physical Injuries and Illness – NOT TAXABLE
✏ Compensation for Non-Physical Injuries –TAXABLE

Our Trusted Indiana Personal Injury Lawyers Are Here For You

Call Craven, Hoover, and Blazek P.C. at 317-881-2700 to learn more about recovering compensation through a personal injury claim, wrongful death claim or medical malpractice claim in Indiana. You can schedule a free consultation with an experienced Indianapolis accident attorney who can determine the best strategies for your Indiana personal injury case. Not only does our law firm offer free consultations, we never collect lawyer fees unless we prevail for you! We represent injured persons throughout Indiana, as well as the surviving dependents in wrongful death and medical malpractice cases.

Factors for Calculating a Personal Injury Settlement

Posted on January 24, 2020 by admin

After being hurt in an accident through the proven fault of someone else and suffering a long list of losses, you are owed a debt. Although there is no exact formula and equation that can tell you the exact value of your claim, there are several factors that will help you make a valid and reasonable estimation. Always talk to a personal injury lawyer to understand your unique accident claim and potential rights to compensation as every case is different.

In the meantime, continue below to review some of the most common factors used to compute a full and fair personal injury settlement value.

How are Personal Injury Settlements Calculated?

Assessing the amount of damages in a personal injury case can be a challenging and complex process since so many variables influence the final decision. Not only do insurance companies use a basic damage formula to produce a settlement offer for claimants, courts and juries also play a vital role in evaluating the losses or injuries of a victim’s body, health, property, and overall quality of living.

The value produced by the damage formula is only the foundation used by insurance companies and personal injury attorneys during negotiations. The value may increase if the accident attorney can prove more damages or the extensiveness of damages. Furthermore, the percentage of fault among each party is assessed and applied to the deciding factors of the case. These are all vital and proven reasons why injured victims need a seasoned Indianapolis personal injury lawyer to represent their claim.

Top Personal Injury Factors Considered by Juries and Insurance Companies:

❖ Medical Expenses – Add up the total amount of medical bills, both covered and out-of-pocket. This includes hospital bills, physical therapy, medication, medical supplies, and similar costs.

❖ Estimated Future Medical Expenses – Estimate a reasonable value for your future incurred medical costs, such as medication, prolonged physical therapy, and similar expenses.

❖ Lost Earnings – Add up all of your lost wages from missing work. This includes any lost benefits.

❖ Future Lost Income – Estimate the sum of your future lost wages by determining how long you will be out of work as a result of your injuries.

❖ Property Damage – Add up your total value of property damage. This is generally pertinent in car accident claims.

❖ Multiplier for General Damages – A multiplier formula can be applied to approximate your overall damages. Simply multiply the total value by a reasonable and valid multiplier. The more severe, lasting, and painful your injuries, the higher the multiplier number will likely be. Talk to an injury lawyer to learn which multiplier is most accurate for your claim.

Non-Economic Damages (Pain and Suffering) – Estimate a value for pain and suffering, mental anguish, and loss of quality of life by using your multiplier. See our blog, “How is Pain and Suffering Determined in a Personal Injury Settlement?” to learn more about making this estimation. These damages should be valued the highest.

Talk to a Seasoned Indiana Accident Attorney

Call the Law Office of Craven, Hoover, and Blazek P.C. at 317-881-2700 to make a personal injury or wrongful death claim in Indiana. Our seasoned Indianapolis personal injury attorneys maintain a concentrated focus on accident and injury law, and have extensive trial and litigation experience with a written track record of success. Not only do we offer free initial consultations, we never collect lawyer fees unless we recover a settlement or judgment for you. Get started by scheduling your consultation, today.