EP02 S04: Get Some Money Now or Wait to 10 x your claim?
Personal Injury Settlement: The Waiting Is the Hardest Part but will it 10x your money?
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Hi everybody. My name is Arkady Frekhtman and I’m a trial lawyer at the F&A Injury Lawyers here in Brooklyn, New York.
With personal injury cases, a lot of clients ask, should I take the money they’re offering now or should I wait and try to get more?
And it’s always a question that is kind of hard to answer because it really depends on the situation in your particular case. But if we compare apples to apples, right? And you have the same exact injury. Like if you get hit in the rear by a car and that car has Allstate insurance and you’re about to file a lawsuit and they offer you, let’s say, I don’t know, $50,000, and you have a certain type of injury, like you have an arthroscopic surgery to your shoulder that you’ve already done. And you may think, well, $50,000, that’s something, I could take the money, I would get about 33, 34000 after attorney’s fees and I could have the case done with, and I could use the money now.
But if we know as your lawyers, that a case like that, if there’s enough insurance coverage, like if the policy is, let’s say 250 and we were allowed another year to litigate the case, to do depositions, to put it on the trial calendar, we can get Allstate to definitely pay maybe $150,000. And if we went to court, we may be able to get the full $250 or very, very close. Then we could then, give you that knowledge and that experience as your guide, as your counselor, until you hold off, if you can afford it, hold off. Because instead of getting $30,000, if we were to get you the 250, the legal fee would be about a third, so $80,000, and then you have much more money for yourself.
You have, 160, 170,000 for yourself, rather than just 30. And the difference is substantial, it’s about six times more or five times more if you could afford to wait. So it’s really a decision that you have to make with your lawyer about whether to take the offer now or to wait and get more later. I hope this has been helpful. Thank you so much. Let us know if you have any questions and we’re here for you.