If you’re planning to pursue a personal injury lawsuit, or if you’re compelled to participate in one, you may be worried about your personal assets. Losing your savings or even your home in a lawsuit is a frightening prospect for anyone. Could it happen to you? Here are few things to consider:
Most personal injury lawyers charge contingency fees. If you’re concerned that your personal assets will be diminished by the case itself, don’t worry. Personal injury lawyers usually charge a contingency fee, meaning that they get paid only if they are able to secure a settlement for you. The typical fee is one-third of your settlement, which you only pay once you win – so don’t be afraid to hire a New Jersey injury attorney if you’ve been hurt.
You may collect damages or pay them. If you’re the plaintiff in a personal injury case and you are awarded damages, you might collect money from a variety of sources. The defendant’s insurance and even the defendant himself might have to pay for your injuries and damages. If you’re the defendant in a personal injury suit, you might have to make payments once the case is decided.
The appeals process may change the outcome. If a significant legal error was made during your case, you may be able to file an appeal. This could entirely change the outcome of the case – or not. If you’re the defendant, the appeals process is one way to try and protect your assets.
What if you can’t pay? Defendants may not be able to pay the settlement out of pocket. In this situation, the plaintiff may be able to take action to uncover the defendant’s assets, such as their home. The plaintiff could potentially have their damages paid from these assets, resulting in the loss of the defendant’s savings or even their home.
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Console and Associates, P.C. is a Top Injury Law Firm that represents accident victims in New Jersey & Pennsylvania. We are best known for our skill in seeking maximum compensation and for the compassionate manner in which we help our clients restore their lives after devastating injuries.
Results may vary depending on your particular facts and legal circumstances. This website is designed for general information only. No aspect of this website has been approved by the Supreme Court of New Jersey. The information on this site should not be construed as formal legal advice nor the formation of an attorney client relationship.