(Newswire.net — October 3, 2016) — In you have been involved in a car accident, and wish to make a lawsuit against the other party for the injuries suffered by you, you might want to reconsider your thought. In the heat of the moment you might think that suing the other party will probably be the best idea of obtaining compensation for your loss and damage. However, the fact is that an out-of-court settlement is actually the safest and quickest alternative to a lengthy trial. In case you find it difficult to manage your medical bills and hospital charges while your settlement claim is being processed, you can seek financial assistance from settlement lending companies such as https://settlementlenders.com/car-accident/ that offer settlement loans to people in need. Let’s have a look at a few major benefits of going for out-of-court settlement instead of filing a lawsuit against the other party involved in the accident.
Claim settlements are more economical than court trials
More often than not, the person who wishes to file a personal injury lawsuit is required to have a ‘contingency fee arrangement’ with his lawyer. This implies that the lawyer will be receiving a specific portion of the settlement obtained before and during the litigation process. The defendant is also required to pay his attorney as per the latter’s hourly rate. Apart from this, a lawsuit might end up being extremely hard on your pocket owing to the hefty expenditure on travel, court charges, expert witnesses and the money you lose due to your absence from work. On the flipside, out-of-court settlements are highly economical owing to the fact that they do not include the additional costs of litigation.
Court trials can end up taking years
The trial process commences only after a whole year has passed since the initial filing of the petition, and it takes months and even years for the judge to announce a final settlement. In many cases, even if a party has won the trial in its favor, the other party might end up prolonging the case by making successive appeals. The simplest of personal injury lawsuits can typically take up four to five years for the plaintiff to receive the compensation for the damages and losses incurred. On the other hand, an out-of-court settlement can be worked out and executed rapidly with the contribution of both the parties.
The damage liability cannot be predicted in a court trial
Similar to other legal proceedings, a personal injury lawsuit is also likely to be marred by unreliable witnesses, inconsistency in testimonies and missing out on key evidences. Given the fact, that the legal system is not exactly foolproof, the final verdict can be surprisingly unpredictable. The liability or damage compensation that the plaintiff will receive is dependent solely on the discretion of the judge, and cannot be anticipated beforehand. In a settlement however, both the parties have the authority to negotiate the liability and agree upon a final figure that suits both.
The defendant is obliged to admit his liability in a trial
In the event of losing a personal injury lawsuit, the public record of the defendant is permanently marked with evidence of his wrongdoing or negligence. However, if a settlement is made outside of the court, the defendant does not necessarily have to admit to his liability over the losses and damages of the plaintiff.
Most people are unaware of the fact that a major chunk of all car accident settlement claims are typically settled outside of court without a trial, since it is more convenient and economical for both the parties involved.