Charlotte Injury Lawyer Matt Arnold answers the question: “Do I have to pay taxes on a settlement or jury award in a personal injury case?”
Anyone who has been injured in any way knows how difficult it can be to recover. From a minor injury to a major injury, the healing process can cause many inconveniences in daily life. For some injuries sustained, an injured party can file a personal injury suit to recover damages for medical bills, lost wages, and more. In North Carolina, a personal injury suit is filed on the basis of negligence. When another person is negligent and that negligence results in damages to you, there is the possibility to recover for those damages. Many people know that they can recover damages for injuries, but are unsure where those damages come from. How are personal injury suits valued? The following are the ways in which the monetary value of a personal injury claim can be determined.
Each state is different in how it deals with an injured individual being a cause, no matter how small or seemingly insignificant they are in causing their own injury. North Carolina follows the principle of contributory negligence. Contributory negligence means that if a plaintiff is at fault for the injury, even only 1%, then he or she might be unable to recover damages, even for medical expenses. In a personal injury suit, it is likely that the opposing party and/or the insurance adjuster will accuse a plaintiff of being at fault for his or her own injury in an attempt to avoid paying damages. A skilled attorney will be the best option to defend the allegations against you.
Type of Injury
The type of injury that was sustained will have an impact on any damages recovered in a personal injury lawsuit. A more “serious” injury will likely be valued higher than a “simple” or “common” injury. However, the type of injury does not have to be a limit on your damages. There are many different types of damages that can be recovered. There is no hard line rule that gives any one type of injury a value that must be assigned to an injury. Value is determined after examining a variety of factors.
When part, or all, of the injury that is being claimed is to a physical possession, the value of the damages on that item is determined. For example, a person who was in a car accident might be able to recover for the cost of the damage his or her car sustained.
One of the biggest sources of damages in a personal injury claim are the medical expenses. Medical expenses add up quickly. Hospital stays, doctors’ visits, prescriptions, and any equipment needed to recover from the injury are just a few of the expenses that can be recovered.
The above is not an all-inclusive list of the damages that can be recovered in a personal injury suit. Lost wages, pain and suffering, and other damages can all contribute financial value to a personal injury suit. The personal injury attorneys at Arnold & Smith, PLLC can help you determine what your potential suit could be worth and the best method to recover those damages. Contact us today for a consultation.
The dedicated personal injury attorneys at Arnold & Smith, PLLC are here to help you with all of your personal injury needs. We know that an injury can cause devastating results in your life. Whether the injury is physical or emotions, you should receive compensation for your damages. Our attorneys understand this and will fight for your compensation. We know that personal injury awards can help you rebuild your life after an injury and will use every resource available to present the best case possible. Now taking cases throughout the Charlotte region with offices in Uptown Charlotte, Mooresville and the new location under renovation in Monroe. Contact us, for a free consultation, call us at 704-370-2828 or click here for additional resources.
The skilled personal injury attorneys at Arnold & Smith, PLLC are dedicated to maximizing the financial recovery and obtaining justice for every personal injury client injured by another party’s negligence. The issues our personal injury clients may be facing include, but are not limited to, slip and fall injuries, wrongful death, product liability, catastrophic injuries, dog bite claims, car and truck accident injuries, motorcycle injuries, traumatic brain injury (TBI), nursing home negligence, spinal cord injury, boating accidents, and defective medical device injury. Our personal injury attorneys understand the devastating impact such an injury can have on a person’s life, and that the effects so often go beyond physical pain and suffering. The personal injury attorneys at Arnold & Smith, PLLC are dedicated to helping clients determine the strength of their claims, and to aggressively pursuing the means necessary to achieve the best possible end result for each client’s particular situation.
See Our Related Video from our YouTube channel:
See Our Related Blog Posts: