This form is a settlement statement provided by the attorney to the client detailing expenses and disbursements of client funds.
Indiana Personal Injury Settlement Statement
State:
Multi-State
Control #:
US-PI-0228
Format:
Word;
Rich Text
Instant download
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Public form
Description
How to fill out Personal Injury Settlement Statement?
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FAQ
The average slip-and-fall settlement varies by case but is usually between $10,000 and $50,000. You may be entitled to significant compensation to help you cover lost wages, medical bills and more. Schedule a free consultation with an injury lawyer at Brown & Crouppen. If you don't get paid we don't get paid.
To determine a potential settlement value, they first combine the total of medical expenses to date, projected future medical expenses, lost wages to date and projected future lost income. The resulting sum is then multiplied by the pain and suffering multiplier value to produce a projected settlement amount.
A variety of factors can affect what a reasonable settlement offer might be, including the following: Whether the injured plaintiff is partially liable. The extent and severity of the victim's injuries. The past and future likely costs of treatment. Whether the plaintiff is likely to fully recover or has fully recovered.
A statute of limitations, also known as a prescriptive period, is a law governing the time limit that a plaintiff has to file a claim against another party. In Indiana, the statute of limitations for filing a personal injury claim is two years from the date of the incident.
The Multiplier Method If your economic damages total $20,000, for example, and the multiplier is 3.5, your total non-economic damages would be $70,000 ($20,000 x 3.5). In this scenario, pain and suffering damages would amount to over three-quarters of the value of your entire claim.
Settlements for Physical Injuries Aren't Taxable Income In addition, personal injury settlements are considered non-taxable regardless of how they're awarded. What does this mean? If our Indiana personal injury lawyers negotiate a fair private settlement with the insurance company, that money will not be taxable.
Add up the victim's economic damages. Multiply the economic damages by a number between 1.5 and 5, depending on the severity of the injuries. Add the non-economic damages. Determine if there is any comparative negligence on the victim's part and reduce the settlement amount ingly.
In short, the medical special damages number multiplied by 1.5 to 5 plus lost income is the number that an insurance company will typically start with to negotiate a settlement. Keep in mind that an insurance adjuster will not inform you of what formula they used to come up with the worth of your claim.