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Posted by Joel A. Gordon & Associates on 01/25/2017

Short on Money and Time? You May Wish to Settle

Short on Money and Time? You May Wish to Settle

Those who have been hurt in a truck accident may be entitled to compensation for injuries. Legal judgement can be reached through filing a case in civil court, but parties can settle outside of court with the help of a big rig accident lawyer. If an amicable settlement is reached, both parties could save money and time.

Settling an Accident

Alternative dispute resolution methods are utilized to settle accidents, even if the dispute is currently in litigation. These methods include negotiation, mediation, or binding arbitration. A Houston truck accident lawyer may be able to provide details concerning alternative dispute resolution. 

Advantages of Settlement

Alternative dispute resolution is more cost-effective than a civil court case. Because both parties involved in the case are not pressured to admit fault, both parties are often less defensive. This allows for a rational discussion of the settlement. During this process, both parties may also have access a third party who may offer a neutral opinion. A personal injury lawyer can assist an injured party through this process.

Disadvantages to Settlements

Usually, settlement is preferable to a civil case. However, there are some disadvantages to settling a claim. One major disadvantage to the plaintiff is that he or she must waive the right to pursue further legal claims concerning the accident. Another disadvantage is that the settlement amount may end up being less than what the plaintiff could have received after a successful court judgement. 

Two Major Settlement Types

There are two main settlement types. The first is a lump-sum payment. This means that the money is paid at one time. A structured payment is paid in regular payments. These classifications determine how the settlement is taxed. 

Legal Help for Trucking Accidents

Reaching a settlement agreement is a complicated process, and you may wish to contact a Houston truck accident lawyer to help you navigate the legal issues surrounding your claim. An experienced big rig accident lawyer or personal injury lawyer will be able to give you more details concerning negotiation, mediation, or arbitration.

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