Why Personal Injury Settlements Are Useful and, In Many Cases, Essential
The answer here is tricky, because it really depends on every individual case. This is also why it’s important to consult with an experienced personal injury lawyer before making any big decisions, because he or she will be able to look at your case and help you decide if a lawsuit is in your best interest.
However, many injury victims do choose to file a personal injury claim because it provides some financial support and stability during a difficult time. In some personal injury cases where the injury is considered to be permanent or even life-threatening, the cost of the injury is simply too high to manage without extra financial support.
To understand a little more why the financial aspects of a personal injury settlement are so important, here’s a quick look at some revealing statistics about the average American’s finances:
- U.S. bankruptcy court statistics show that around 1.5 million people in an average year file for personal bankruptcy. Within this group, according to Harvard University research, 62% of bankruptcy cases are caused by medical expenses. When you face a serious injury that requires medical attention, just one trip to the hospital can cost you thousands of dollars. If you don’t have enough money saved up, you can quickly fall into financial problems.
- And chances are you don’t have much money saved up for emergencies, if any at all. Less than 25% of all Americans have enough money saved up in a savings account to cover at least six months of expenses if something happens, like an injury, which takes away their normal income. Around three in four Americans admit that they’re living paycheck-to-paycheck; one in four admit that they have absolutely no money saved up at all.
With a personal injury case, it’s not necessarily about “getting revenge” or punishing another person for making a mistake which caused your injury. Quite simply, most personal injury cases and subsequent settlements are important because they help injury victims get back on their feet.