Like other lawsuits, it can be difficult to determine exactly how long a catastrophic injury lawsuit may take. Many factors must be considered when determining a catastrophic injury lawsuit, such as how long it takes to collect evidence and build an argument and the cooperation between the opposing parties.
An experienced catastrophic injury attorney, such as Kyle Bachus, can help walk you through the basics of your case and give you a rough time frame of what to expect regarding how long your catastrophic injury lawsuit may take.
If you or a loved one have suffered a catastrophic injury at the hands of another person, contact Kyle Bachus personally.
What is a catastrophic injury?
A catastrophic injury is an injury that results in the victim having permanent damage that they could endure for the rest of their life. Anyone who suffers from catastrophic injuries usually struggles with limitations to their mobility or cognitive functions. These limitations can last anywhere, ranging from months to years or the duration of the victim’s life expectancy.
Whether you are the victim of the catastrophic injury or the family member of a person who has suffered a catastrophic injury, the repercussions of the injury are likely to place a burden on everyone. This is why it’s necessary to contact an experienced and reputable catastrophic injury lawyer right away. If you want to learn more about moving forward following a catastrophic injury, the book Unthinkable by Kyle Bachus is very informative.
What is a catastrophic settlement?
A catastrophic settlement is a settlement amount paid out on catastrophic injury lawsuit claims. The two parties in the lawsuit will work toward reaching an agreeable settlement in which the victim may be properly and maximally compensated for the injuries sustained due to the defendant’s negligence.
At what stage do most lawsuits settle?
Most lawsuits typically settle after the discovery stage comes to a close. Once discovery has ended and all parties have the necessary evidence and depositions from expert witnesses to work toward building a case, the parties may begin settlement discussions and negotiations. It is during these negotiations that a settlement is usually, and preferably, reached.
Some settlements may be reached quickly and without much conflict. In contrast, other settlements may require additional help, such as the use of mediators, to guide discussions and allow the parties to work through the issues within the lawsuit and the various claims.
Deciding on a settlement can be quite complicated, especially when you consider the interests of both parties, the insurance companies, and the nature of the injuries. This is why having a well-versed personal injury attorney representing your interests is important — they will ensure your settlement is reached as quickly as possible.
How long does it take to reach a settlement?
As with any lawsuit, it is difficult to answer how long it takes to settle. One of the biggest elements to consider when determining how long it takes to reach a settlement is the parties’ cooperation. In lawsuits where the parties are willing to cooperate with one another, a settlement may likely be reached earlier in the process.
Some cases may settle in as soon as a few months, whereas other catastrophic injury cases could take up to a couple of years to reach a settlement agreement. In addition to the cooperation of parties, other factors that can impact how long it may take to reach a settlement include how long it takes to obtain necessary evidence and other information necessary for building a legal argument.
How long does it take to get an injury claim payout?
Once a settlement has been reached in a catastrophic injury lawsuit, the next step is determining how you would prefer to receive the payment. The two main options that may be chosen include lump sum payments or structured settlements. The lump sum payment is what it sounds like — you will receive the settlement in one large lump sum. On the other hand, the structured settlement means that payment will be staggered over a certain period.
Lump-sum payments are typically chosen when the damages are known. Whereas structured settlements are chosen when the injuries are lifelong, and the plaintiff will likely require financial support over the remainder of their life expectancy. Structured settlements are often the preferred choice in catastrophic injury lawsuits.
Regardless of which payment structure is decided on, the first claim payout is typically distributed relatively quickly, oftentimes within a couple of weeks after the settlement is agreed upon.
If you are wondering whether you have a catastrophic injury claim, contact Kyle Bachus to discuss your case today.
O’Neill, C. Mediation: The Six Stages.