Personal Injury Settlement Explained: Timeline, Lawyer Fees & Closing Statements | NY Injury Lawyer

Описание: If you have reached a personal injury settlement, you probably have questions:

Do most cases settle?

How long does it take for settlement money to arrive?

Does the money go to the lawyer or the client?

What is on a closing statement?

I’m John DeGasperis, a personal injury lawyer in upstate New York, and in this video, I will walk you through everything you need to know about what happens after a settlement—from signing the release, to receiving your check, to understanding how costs, fees, and liens are handled.

⚖️ Do Most Personal Injury Cases Settle?

Yes. A substantial majority of cases settle before trial. Most clients never set foot in a courthouse. Settlements save time, reduce stress, and allow injured victims to move forward more quickly.

⏱️ How Long Does It Take to Receive Settlement Money?

The law says insurance companies must pay within 21 days after receiving a signed release.

In reality, most cases take 30–60 days for funds to arrive.

Complex cases with liens or high-dollar settlements can take several months.

💰 Who Gets the Settlement Money—The Lawyer or the Client?

The insurance check is made payable to both the law firm and the client, ensuring protection for both sides. Funds are deposited into the law firm’s escrow account.

Client portion: Paid directly to you after clearing.

Attorney fees: Deducted at the agreed-upon contingency rate.

Case costs/disbursements: Itemized separately for total transparency.

Liens: Paid directly from escrow before final distribution.

📄 What Is a Closing Statement?

A closing statement is a written summary of your case’s financials. It includes:

Total settlement/verdict amount

Attorney’s fee deduction

Itemized costs and disbursements

Client’s net recovery

List of all liens and payments made
This ensures complete transparency—you’ll know where every dollar went.

🧾 Are Personal Injury Settlements Taxable?

Good news: Personal injury settlements are not taxable events under IRS rules. You don’t even need to report them in most cases.

💡 Examples of Case Costs & Disbursements

Costs are separate from attorney’s fees. Common disbursements include:

Medical record requests

Court filing fees

Expert witnesses & accident reconstruction

Medical illustrations & animations

Private investigators
These expenses are necessary to build a strong case and are fully itemized in your closing statement.

📍 Winning for Clients Across New York

Hudson Valley: Kingston • Poughkeepsie • Newburgh • Middletown • Peekskill
Capital Region: Albany • Troy • Schenectady • Saratoga Springs
NYC Metro: New York City (all boroughs) • Yonkers • White Plains • Mount Vernon • New Rochelle
Central NY: Syracuse • Utica • Ithaca
Western NY: Buffalo • Rochester • Niagara Falls
Southern Tier: Binghamton • Elmira
North Country: Watertown • Plattsburgh
And more.

👨‍⚖️ About John DeGasperis, Esq. – New York Personal Injury Lawyer

With years of experience representing injury victims, I fight to maximize recoveries and provide transparent, client-first representation. Whether your case involves a car accident, slip and fall, workplace injury, or catastrophic harm, I am here to guide you every step of the way.

📞 Free Consultation

If you’ve been injured in New York due to someone else’s negligence, don’t wait. Call today for a free case evaluation:
📱 (845) 777-WINS (9467)

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