I setteled for 160000 for an auto accident but only recieved 82000 is that fair
Asked about 8 years ago in New York
Categories: Personal Injury
<br />In New York State case expenses are deducted from the gross<br />settlement funds right off the top. So depending on whether the case went to<br />trial and/or required expert testimony or not, case related expenses can<br />greatly reduce the net settlement received by the client. Case expenses vary<br />from case to case. Then the attorney's fee is deducted. Except for<br />extraordinary situations, contingency fees in New York are no more than 33.33%<br />of the gross settlement funds. Additionally, if there are medical liens for<br />treating physicians, or if there is money owed to a municipality for<br />hospitalization or Medicaid, these amounts will be recaptured by the doctors<br />and/or the municipality out the client's end of the settlement funds. Once<br />allocations for all of the aforementioned expenses and fees are deducted, then<br />the client receives his or her share that is generally 2/3 of the gross<br />settlement. However, as you can see, that 2/3 can be significantly reduced by<br />the costs and expenses I mentioned. Hope this gives you some insight into your<br />situation.
Posted about 8 years ago
your lawyer would have given you a settlement statement showing the break down. idk new york, but in indiana, illinois and presumably most places: the fees are deducted first (probably 1/3 which in your case would be 53,333.33), the the lawyers out of pocket expenses (such as filing fees, deposition costs, videographer costs, medical or reconstruction expert cost, medical records, etc ), then if your auto insurance, health insurance, workers comp insurance, medicare or medicaid paid any of the health care bills there has to be reimbursement (subrogation) of usually 2/3. therefore if the total medical bills were 60k there would be around 40k that would have to be paid give or take depending of who paid it - might be more. netting 82k out of 160k is totally realistic. the good news is that it is tax free to you - you do not pay income tax on that. injury cases are not easy and i am sure your lawyer worked harder and did more than perhaps you realize. good luck!
Posted about 8 years ago
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