Will Your Arizona Personal Injury Lawsuit Make You Rich?

Will Your Arizona Personal Injury Lawsuit Make You Rich?

The idea that personal injury settlements make accident victims rich is pervasive. It’s also quite damaging: it’s one of the primary reasons that personal injury cases can be so hard to win. When a case goes all the way to trial juries tend to be suspicious of the plaintiff. Maybe they’re just “faking it” or “exaggerating” so they can get “easy money.”

If only they knew! Personal injury money is anything easy to get, and the vast majority of accident victims are just trying to get what they need to survive and to stay out of bankruptcy.

The accident victim isn’t the only person with a claim to the settlement

Indeed, may of our clients have debt collectors hounding them throughout the process. We’re able to keep the debt collectors off their backs, mostly by telling them we’re working on a settlement and that they’ll be able to make their claim to their portion of it. We sign a form saying we’ll disburse funds to them.

Don’t think that debt collectors are any kinder or gentler just because they work for hospitals. They’ve forced quite a few people out of their houses of late, just because they’re getting more aggressive than ever.

Take a $500,000 settlement. That might sound like quite the windfall…until you realize that it covers $300,000 in medical bills and a year of lost wages. We attorneys still need to get paid too, and sometimes there are other legal fees that have to be dealt with, such as expert witness fees.

By the time the check is disbursed to everyone who has a claim on it, the claimant may only really get a few thousand dollars of “extra” money on top of expenses they were already dealing with.

A personal injury settlement is anything but easy money

Even claimants who walk away with massive settlements significant enough to require the hire of a financial advisor would probably trade it all away in a heartbeat if it meant going back to their pre-injury life.

A $5 million settlement hints at a truly catastrophic, life-changing injury. Would you give up the use of your legs to make $5 million? Would you volunteer for a traumatic brain injury? Put yourself in a position where you can never work again?

Those who do receive large windfalls may need to rely on that money for the rest of their lives. If you’re one of them we’ll recommend getting a financial advisor to help you allocate the settlement wisely and in a way that will help you support yourself into the future.

Winning a personal injury case is not like winning the lottery. It is like having a part of your life that’s been taken from you restored to you. That’s in fact the entire point of the process: to make you whole again.