Compensation for the injuries you have suffered after a trucking accident could be what you and your family need to hurdle through any financial burdens. However, reaching this goal through a personal injury lawsuit by first going through a lengthy litigation process may not be the best alternative for you and your loved ones. A settlement can often help you reach the outcome you want while helping you save money and time.
The Pros of Truck Accident Settlements
Things to Consider
There are several methods available for reaching a settlement through an alternative dispute resolution (ADR). These include arbitration, mediation or negotiation. Apart from being a cheaper and faster method to obtain the compensation you need, a settlement is less confrontational than litigation.
The parties involved usually work confidentially and without admitting fault. This allows an agreement to be reached in a less defensive, calm and rational manner. In a trucking accident being dealt through ADR, parties can freely talk about:
- The facts of the accident
- Their standing on damages
- Liability for the accident
The Two Types of Settlements
Settlements often come in two types: structured and lump-sum. A structured settlement is paid over a period of time and through a set of regular payments, whereas a lump-sum settlement is paid all at once. It’s important to understand that settlements are taxed according to their type; so, the overall amount of money you receive can be affected depending on the type of settlement agreed upon.
We’ll Take Care of It
Reaching a settlement may be a faster and cheaper option, but the process can still hold its fair share of difficulty. With the help of a personal injury attorney who is experienced in handling trucking accident cases, you may be able to reach the best possible outcome.
At the Greenway Law Firm, we’ll take the necessary steps to explain every part of the process to you and will help you decide the best path to take. If you or a loved one are looking to settle a truck accident case, contact our office in Austin for more information about the ways we can help.