If you’ve suffered a knee injury caused by someone else’s negligence, you may be involved in a lawsuit. One of the main questions you’re likely to have is how much your knee injury settlement is worth. This isn’t an easy question to answer, but it can help you plan for your future.
A knee injury can happen from a car accident, slip and fall accident, or from other negligence. While it can be minor, you can also end up with a severe and possibly lifelong injury. You may be unable to enjoy some of your favorite activities or even not be allowed to return to your job, which can lead to lost wages.
A settlement can help in this situation, not only paying medical bills but recovering your lost income for now and into the future. Your first step after such an injury is to find a reputable personal injury law firm with an attorney who represents personal injury cases.
Each Settlement is Unique
Each personal injury settlement is different, depending on the situation and the level of injury. While you can find a knee injury settlement calculator online, it may not provide an accurate determination of the value of your injury. However, you should understand the factors that influence the amount of the personal injury settlement to help you better recognize how much you can receive.
Level of Severity of Injury
One of the most important factors for determining the final settlement amount is how severely you were injured. If the injury was severe, you’ll need more medical care than with a minor injury. You may require surgery or multiple surgeries, physical therapy, and even a brace or other equipment to help you walk.
Pre-Existing Conditions
If you already had issues with your knee, you may receive less in your personal injury settlement. The amount of your settlement will depend on the percentage of injury that already existed versus the amount of injury you now have.
Your Liability
When determining the value of the knee injury settlement or even the validity of the personal injury claim, the judge or jury will decide if you had any liability for the injury. Your personal injury attorney will negotiate with the other party’s insurance company to determine how much responsibility each party has. If they can reach a consensus, your claim may be settled outside the court. If you have no blame for the injury, it falls on the other party, which means you can receive a larger settlement.
If you try to settle the claim on your own, you may not receive the full amount you are entitled to. The insurance company knows you don’t have experience in negotiations, and they will try to get you to take a lower amount.
The best way to get the full value of your knee injury settlement is to hire an experienced attorney. A personal injury attorney can negotiate on your behalf to get the full value of your settlement.
If a settlement agreement can’t be achieved, you may need to go to trial. This process can take years before you will receive any settlement.
Factors that Influence Settlement Value
When considering the final settlement amount of a knee injury case, several factors can increase the value. Some factors to take into account include:
- Any damage to property at the time of the accident
- Emergency medical services at the time of accident
- Knee surgery for the injury
- Physical therapy
- Medical specialists
- In-home care
- Lost income
All of these costs must be added to the personal injury settlement, which can increase the final amount to be awarded.
Pain and Suffering
Another aspect of your personal injury settlement is how much pain and suffering the incident and injury have caused. If the knee injury has resulted in severe physical pain, you may be compensated. Mental suffering can also play a part, especially if it leads to depression because you can no longer work or do the things you enjoy.
You can sit down with your attorney who will go over the figures with you to determine the damages for your knee injury. They will explain what your case value may be. The more factors that apply to your personal injury claim, the higher the final settlement may be.
How Accidents Can Lead to a Knee Injury
Car accidents and slip and fall accidents are two of the most common ways that a knee injury occurs and leads to a settlement. You may experience bruises, broken bones, or sprained ligaments.
Your knee injury case may be more serious with long-term damage. You may also have a meniscus tear, which could require surgery for repair. A shattered kneecap can lead to a knee replacement, which can mean extensive rehabilitation.
If you’re involved in an accident and feel pain in your knee, you should have it looked at right away. Delaying treatment or trying the “wait and see” approach can lead the insurance company to think your knee injury isn’t as serious. It can also lead them to question if the accident caused the knee injury or if something else happened in between the accident and treatment.
Calculating Your Settlement Amount for the Knee Injury
Even with all this information, you will find it difficult to calculate your settlement amount. You should speak with your attorney and ask about the average compensation payout for knee injury accidents. They can provide a range for knee replacement settlement amounts and calculate the value of your personal injury case. While they can’t guarantee the amount you will receive, it can give you an idea of how much you may be awarded with your personal injury claim.
Use Your Settlement Value for Pre-Settlement Funding
Litigation can take anywhere from months to years before the claim is resolved with a knee injury case. During that time, you may have more medical bills piling up as well as other outstanding debts that you can’t afford due to lost wages. If you’ve used up your savings and maxed out credit cards, you may be looking for a way to survive until you can receive your settlement.
In these situations, you may want to apply for pre-settlement funding, which may be provided in your state as a non-recourse purchase agreement or a pre-settlement cash advance which may also be known as a lawsuit loan. You receive money from a litigation funding company until you get your final settlement amount. When the settlement is awarded, you must pay the funding company.
The amount you qualify for will be based on your total settlement value. This is one reason it can be helpful to know the value of your knee injury settlement. In general, you will qualify for about 10 to 20 percent of the estimated settlement amount.
How to Get Legal Funding for Your Knee Injury
You can apply for lawsuit funding with a reputable funding company. It doesn’t matter about your credit rating, credit history, employment history, or current income. The funding company will look at your injury case and estimated settlement to determine if you qualify for and for how much.
You can use this money to help you stay afloat until you receive the settlement for medical care and other expenses associated with your injury. The funding company will speak with your attorney to determine the strength of your injury case and how long it is expected until you receive your settlement amount.
What to Consider with Lawsuit Funding
When considering whether pre-settlement funding is the best option, you should include your estimated settlement value and how much you can afford. You will owe money to the funding company, in addition to your other bills, such as medical costs, future medical bills, and legal expenses. If your injury is ongoing, you’ll need to figure in additional medical care, such as two or three knee surgeries and long-term rehab to ensure you receive a fair settlement.
Your fees and charges may be higher than with traditional loans because the funding company bears all the risk. These are known as non-recourse agreements, which means the funding company only gets repaid if you win the lawsuit and receive a settlement or award. You will want to calculate that into your injury claims to make sure you are receiving enough money to leave you with no debt from the accident.
Advantages of Getting Lawsuit Funding
If your personal injury case is dragging on, lawsuit funding can help you take care of bills until you receive the settlement funds. Knee injuries can be quite complicated and serious knee injuries can take a long time to heal.
You don’t want to settle your knee injury claims too soon or you might have additional expenses that aren’t covered. Pre-settlement funding can provide financial assistance to reduce the pressure to settle quickly.
You don’t need to qualify for funding like you would with a traditional loan. The funding company looks at the strength of the knee injury claim to determine how likely it is to be awarded and for how much. Since serious knee injuries usually bring in a higher settlement, you can get more via legal funding in these situations.
Your personal injury lawyer will need to work with the funding company and provide the necessary information to help them make a decision as to whether you are approved. They can guide you on whether legal funding is the best option and when it is the right time to apply. You can also have your attorney look at the contract before you agree to any terms.
If you decide you need financial help to get you by until your settlement is awarded, you can apply for pre-settlement funds. Oasis Financial is a leader in the industry with transparent terms to help you when you need assistance.
Oasis provides pre-settlement funding, also known as consumer litigation funding, to its customers through different products depending on their state of residence or cause of action. Many consumers will be provided pre-settlement funding in the form of a purchase agreement, which assigns a portion of the pending proceeds from their legal claim. Other consumers, such as those in SC and CO will be offered a funding in the form of a pre-settlement loan, sometimes referred to as a lawsuit loan. These transactions have important differences, therefore, consumers should carefully review and be aware of the type of transaction that is offered to them by any funding company.