If you’ve been injured in an accident and are considering a personal injury claim, you might be wondering how it could affect your finances. A personal injury lawsuit can bring about significant financial changes, from covering medical expenses to possibly receiving compensation for lost wages. Understanding these impacts will help you navigate the financial aspects of a lawsuit.
Medical expenses and treatment costs
After an injury, medical bills can quickly pile up. Even with insurance, you may face high out-of-pocket costs for treatments, surgeries, or rehabilitation. If you file a lawsuit, one of the primary aspects of your case is the compensation for these medical expenses. Your claim may cover not only current medical bills but also future treatment costs, depending on the extent of your injury.
Lost wages and earning capacity
Being injured can mean taking time off work. This lost income can cause financial strain, especially if the injury prevents you from returning to your job. A personal injury lawsuit can help recover lost wages for the time you’ve already missed. In some cases, it may also cover future lost income if your injury affects your ability to work long-term.
Legal fees and costs
While pursuing a personal injury lawsuit, it’s important to consider the legal fees and other costs associated with the case. Many personal injury attorneys work on a contingency fee basis, meaning they only get paid if you win the case. However, you may still need to pay for other costs like court fees, expert witness fees, and investigation costs. These fees can add up but are often deducted from the final settlement or award.
Additionally, Missouri law sets a time limit for filing personal injury claims. Under the Revised Statutes of Missouri, Section 516.120, you typically have five years from the date of the injury to file a lawsuit. If you miss this deadline, you may lose your right to seek compensation, so it’s best to begin the legal process as soon as you are able.
Emotional and financial stress
The emotional toll of an injury can add to your financial stress. The uncertainty of how long the case will take and whether you’ll win or lose can create added pressure. This is especially true if the injury has caused long-term effects that impact your quality of life.
You should prepare for both the financial and emotional impact of a personal injury lawsuit. The process can be long, but with proper planning, it can help provide the compensation you need to get your life back on track.
