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Posted On June 29, 2011 Personal Injury

Can I Lose Assets in a Personal Injury Lawsuit?

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.

You need to find a good personal injury attorney who may help you protect your assets, so get in touch with Console & Associates P.C., your New Jersey injury attorneys, if you or a family member has been hurt or injured.