QUESTION
After my family member's accident he received a lump sum payout. Is there a rule that states I must spend that payout within 30 days?
Asked on Mar 14th, 2014 on Automobile Accidents - Indiana
More details to this question:
A family member was involved in a car/motorcycle accident. The car hit him on his motorcycle. He was awarded a lump sum payout for his injuries. He received a check and was told that he had to spend that lump sum within 30 days or lose it. Is this true or did he misunderstand. I can understand having to cash the check within 30 days but not spend it all, that's hard to believe
1 ANSWER
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There is no such requirement to spend the proceeds of a personal injury settlement within 30 days. In fact, you only get one chance at a settlement, and often those funds have to makeup for a lifetime of pain and suffering, future lost wages and medical expenses caused by the accident. If you would like to speak with an experienced personal injury attorney, please contact us.
Answered on Mar 15th, 2014 at 2:19 PM