Unraveling the Calculation: What’s Your Indiana Personal Injury Claim Worth?

Posted on April 12, 2024 by admin

Navigating the complex web of personal injury law can be an intricate and emotional undertaking. For residents of Indiana who find themselves in the unfortunate position of being injured due to another person or entity’s negligence, understanding the nuances that affect their personal injury settlement value is paramount.

The road to financial justice is paved with various factors that converge to determine what compensation you may be entitled to. This blog post will serve as a guide to help you understand the key elements that contribute to your Indiana personal injury settlement value. Let’s get started!

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The True Value of Your Personal Injury Claim

Securing a fair personal injury settlement is an intricate equation. While some aspects are straightforward, others dwell in the subjective realm, often leading to questions about the ‘true’ value of a claim. In Indiana, certain fixed elements, such as medical bills and lost wages, are objective and quantifiable. However, the state’s legal framework introduces other variables, including the concept of comparative fault and the statute of limitations. It is the interplay of these factors that ultimately crafts the final settlement or verdict number.

Types of Personal Injury Damages That Impact Settlement Values

Medical Expenses

The most visible pillar of a personal injury settlement is the reimbursement for medical treatment. Indiana law tries to ensure that injured parties are fully compensated for all reasonable and necessary medical costs related to the accident. This includes emergency services, surgeries, rehabilitation, and ongoing therapies. The measurable nature of these expenses makes them one of the cornerstones in determining settlement values.

Lost Earnings

If your injury has resulted in missed work, diminished capacity to earn, or an inability to perform your job, Indiana law allows for compensation on these grounds. Lost wages are more than just the income missed during recovery; they also factor in future losses related to the injury. Financial stability is a crucial component of personal well-being, and lost earnings are a clear depiction of the impact of the injury on a person’s life.

Permanent Disabilities

In cases where an injury leads to a permanent disability, the settlement value must reflect the life-altering repercussions. The loss of future earning capacity, reduction in quality of life, and necessary changes to daily living represent costs that extend far beyond a one-time ordeal. Indiana law is structured in an attempt to provide full and fair compensation for these profound, irreversible changes in a victim’s life.

Pain and Suffering

Quantifying the psychological and emotional injury, often described as pain and suffering, is one of the more abstract components of a personal injury settlement but it is a vital element of damages under the law. The State of Indiana recognizes that an accident victim’s suffering is not solely physical and includes provisions for emotional distress, post-traumatic stress, and loss of enjoyment of life. Although challenging to articulate in monetary terms, this category forms an integral and maybe the most important part of the final valuation.

Indiana Tort Law in the Balance

The state’s legal statutes cast a shadow that defines the potential scope of a personal injury settlement. Understanding these laws is essential to comprehend the leeway and limits that judges, juries and insurance companies have in assessing a claim’s worth.

Comparative Fault Rule

Indiana abides by the modified comparative fault rule. This stipulates that an injured person can collect damages from any other at-fault party [and thus their insurance carrier], except when they are found to be 51% or more responsible for the accident. The percentage of blame attributed can significantly impact the settlement amount. It’s not uncommon for insurers to argue for a shared fault scenario to reduce their payouts, making it crucial for claimants to defend their rights with evidence and expertise.

Statute of Limitations

Indiana’s statute of limitations for most personal injury claims is two years from the date of the injury. Failure to file a claim within this window can result in the forfeiture of your right to seek compensation. Time is of the essence in bringing a claim, and procrastination can be a costly mistake. The legal deadline sharpens the urgency to act fast and accurately in pursuit of a settlement. Some claims in Indiana cannot be pursued unless a tort claims notice is provided within 6 months so hiring an attorney promptly is essential.

Maximizing Your Claim Value

Armed with the knowledge of the factors at play and the legal framework, personal injury victims can take practical steps to fortify their position and potentially enhance their settlement value.

Documentation is Vital: Comprehensive and timely documentation of the accident and its aftermath is crucial. Gathering police reports, medical records, photographs, videos and witness statements is vital for your claim.
Immediate Medical Attention: Seeking medical treatment immediately after an accident not only safeguards your health but also creates a medical record and documentation of your injuries. A prompt assessment by a healthcare professional contributes to the veracity of your claim.
The Silence of Social Media: Insurance companies often scour social media for any sign of weakness or vulnerability in a claim. Refraining from posting about your accident or injuries, or life in general, prevents potential arguments against your claim.
Legal Counsel: Immediately consulting with a seasoned personal injury attorney is perhaps the most important step in the claim process. An experienced lawyer comprehends the legal nuances, navigates the claim complexities, and advocates for your best interests.
Insurance Companies: It is important to speak with your own legal counsel before talking with a defendant’s insurance carrier. The insurance company’s job is to make money. It is a multi-million-dollar business. They are not in existence to help you or to be fair. Hire an attorney before you speak with them.

FINAL THOUGHTS

For Indiana’s personal injury victims, the determination of your settlement value is an intricate combination between the objective and the subjective. It is rooted in the tangible trail of expenses and loss yet extends to the intangibles of personal pain and suffering. The state’s legal backdrop paints a structured but dynamic canvas on which this value is plotted. Your active engagement in the claim process, bolstered by awareness and strategy, can lead to a more robust , full and fair final settlement.

If you or a loved one is an Indiana resident who has been injured here or in another state or are a resident of another state injured here in Indiana, do not leave your personal injury settlement value to chance. The law is complex, and insurers are formidable opponents. Seek out legal counsel that specializes in Indiana personal injury law. Your future deserves the best chance at justice and fair compensation.

Take the first step towards understanding and securing your settlement value, today. Contact the Law Office of Craven, Hoover, and Blazek P.C. at 317-881-2700 to schedule a free, one-on-one consultation with an experienced personal injury litigator in Indianapolis, Indiana. Call now before time runs out on your claim.

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.

Call 317-881-2700 to Obtain a Personal Injury Settlement in Indianapolis Indiana

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.

Pros and Cons of Insurance Company Structured Settlements

Posted on December 30, 2019 by admin

When an insurance company agrees to pay someone a settlement, they may offer to make payments periodically rather than in one lump sum. This is called a structured settlement, and it does sometimes occur in insurance claims and lawsuits. At first thought, you might expect a structured settlement to be a bit of a disadvantage to the payee, however there may be more benefits to structured settlements that meets the eye. On the other hand, there are also a few disadvantages, or what some would consider cons to structured settlements.

Continue reading to learn some of the pros and cons of insurance Company structured settlements, and where to get the best legal advice regarding your potential accident claim.

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Potential ADVANTAGES of Structured Settlements

If you were to ask a group of individuals who have received a structured settlement in the past from an insurance company, they would likely tell you that the primary benefit they experienced was secure financial management. By receiving their settlement in increments rather than one lump sum, they were able to better control their spending and savings, and therefore, practice improved financial management.

Here are some additional prospective benefits to receiving a structured settlement:

In many cases, a structured settlement usually winds up paying out more money than a lump sum payment.

Structured settlements can also make financial planning, namely tax planning, a lot easier when compared to the process following a lump sum payout.

Due to the added annual income a structured settlement provides, recipients may be eligible for certain tax benefits and advantages.

Many recipients of structured settlements enjoy adding to their annual income as an alternative to receiving a bulk payment from an insurance company settlement.

By receiving a structured settlement in periodic payments, recipients can better control their spending and savings over time.

Potential DISADVANTAGES of Structured Settlements

When it comes to the possible disadvantages of structured settlements, there may be a few. In fact, if you were to ask the same group of individuals in the last example, they would likely have a few complaints as well. One of the main disadvantages discussed among structured settlement recipients and legal advisors is the fact that it can hold you back from taking advantage of certain investment opportunities, such as investing in stocks, bonds, real estate, business, schooling, and more.

Here are some other possible cons to accepting a structured settlement:

In some scenarios, a structured settlement can turn out to be less money than a lump sum payment after you consider commissions, fees, and inflation.

Many are opposed to structured settlements from insurance companies because they don’t like the idea that a financial institution has control of their settlement.

There are several legal regulations restricting how you can sell your structured settlement, if you ever choose to do so.

Trusted Legal Advice About Insurance Settlements for Indiana Injury Claims

Call The Law office of Craven, Hoover, and Blazek P.C. at 317-881-2700 to discuss your potential Indiana personal injury claim with a licensed accident attorney you can trust. Our law firm offers free initial consultations and never collects lawyer fees unless we recover a settlement or judgment for you. Get started on your path to financial and emotional recovery with a simple phone call to our Indianapolis accident injury lawyers, today. We represent clients throughout the State of Indiana.

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Personal Injury Settlement Checks

Posted on May 12, 2015 by admin

When a person is injured in an accident and sues for compensation, upon winning their case they should receive a financial settlement in the form of a check. This can take up to two years depending on the number of appeals, which is a common occurrence for personal injury lawsuits. Continue reading to learn about the process behind receiving a financial settlement after winning a personal injury lawsuit and more.

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Order of Settlement

After a case is settled or a trial is won, a personal injury lawyer has the responsibility of relaying this information to the court. When the court is informed that a case has been settled, they issue an “order of settlement”, which obligates both parties to completing a series of settlement paperwork. Depending on the state or the court, this paperwork must be completed and returned to the court within 30 to 60 days. One of the most vital components to the settlement paperwork is the release.

Release Documents

The defense attorney is responsible for preparing the release document. It is a document that underlies and sets forth all the terms of the settlement. Although this document can be narrowed down to a few short pages, it is common for defense attorneys to take their time on a release document, filling it with thick legalese reaching up to 20 pages long or more. Upon completing this release document, the defense lawyer will send it to the plaintiff’s lawyer for approval.

A release can be completely honest and direct, or it can be quite objectionable. This is why the accident attorney needs to approve it before it is finalized. This segment of a personal injury settlement can take some time because both attorneys have to come to an agreement. It can take days or even weeks to come to a reasonable consensus, delaying the entire settlement process. But in the case that the two attorneys cannot agree on the release, they will ask a judge to make the decision for them.

Now, when the release is agreed upon by both lawyers, the personal injury lawyer will send the release document to their client to review it and sign it. It is common for clients to do this in the presence of a licensed notary, perhaps in triplicate, for this part of the process. It is important for injured clients to carefully read through the release and asking their lawyer any pertinent questions about the document before adding their signature in front of a public notary. This is because there is no opportunity to alter this document once it has been signed and sent back to the defense attorney.

The Settlement Check

A settlement check is sent directly to the client’s lawyer, not the client or their insurance company. Again, this can take a couple of years to actually receive in the mail, depending on the amount of appeals and the productivity of the appellate court. This check generally will have the names of both the client and the attorney. This means it will need to be endorsed by the client before it can be deposited into their lawyer’s client-trust account. Once in this account, the lawyer will deduct their share of the settlement, which should have been negotiated at the time of hire. Another check will be issued by the law firm to the client of the remaining settlement amount.

Clients should ask their attorneys for a copy of the settlement check, or all checks totaling the settlement amount, sent by the insurance company, as well as, a financial breakdown sheet of the settlement, BEFORE the check is deposited into an attorney client trust account. This is the lawful right of every personal injury client.

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Craven Hoover Blazek Personal Injury Law 317-881-2700

Call Craven, Hoover, and Blazek P.C. at 317-881-2700 and speak with a personal injury lawyer in Indianapolis about filing an accident claim, today. Lawyers, Daniel Craven, Ralph Hoover, and Keith Blazek are highly accomplished, seasoned accident attorneys with extensive trial and litigation experience. Our law firm offers free initial consultations and never collects lawyer fees unless we win your case. Call 317-881-2700 to file a personal injury claim in Indianapolis, IN today.

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