This form is a settlement statement provided by the attorney to the client detailing expenses and disbursements of client funds.
Colorado Personal Injury Settlement Statement
State:
Multi-State
Control #:
US-PI-0228
Format:
Word;
Rich Text
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How to fill out Personal Injury Settlement Statement?
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FAQ
There are two parts to a personal injury compensation settlement: General Damages ? to compensate you for your injury and for your pain and suffering. Special Damages ? to compensate you for any expenses you've incurred, loss of earnings, and your future care needs.
The following minimum coverages are required by the state, although higher coverages may be purchased: $25,000 for bodily injury or death to any one person in an accident; $50,000 for bodily injury or death to all persons in any one accident; and. $15,000 for property damage in any one accident.
The Internal Revenue Service (IRS) and taxation laws in Colorado for personal injury claims do not consider settlements for physical injury claims to be income. Therefore, the general rule is that there is no taxation on personal injury compensation.
For instance, actions related to negligence, medical malpractice, and trespass must all be brought within two years of the date of the event.
Colorado's time limits for filing a civil action generally range from one to three years, but rent and debt collection actions have a six-year limit. The state also provides an extra year (three total) for personal injury and injury to property claims if a motor vehicle is involved.
What Are Colorado's Negligence Laws? Colorado is a modified comparative negligence state. Meaning, the plaintiff's damages are reduced by the plaintiff's percentage of fault. But, if the plaintiff is found to be more negligent or equal to the combined negligence of the defendant, the plaintiff gets nothing.
In Colorado, the statute of limitations for premises liability cases is two years. You must file within two years from the date of the incident. If the deadline passes, you will be barred from bringing a claim of compensation for your injuries unless a very narrow exception applies.
On average, a car accident victim with injuries settles their case for about 150% of the value of the economic damage suffered. For example, if a person suffered $20,000 in economic damage, the typical settlement amount would therefore be about $30,000. The actual figure in any particular case varies widely, though.