Best Personal Injury Lawyers Anchorage, AK Of 2024 – Forbes Advisor – Technologist

Personal injury lawsuits in Anchorage are required to meet certain legal requirements. State laws set out rules for details like how long you have to file and how much you can recover in damages. For example, in many cases, Alaska caps noneconomic damages, such as pain and suffering. Here are the basics you need to know.

Alaska Statute of Limitations for Personal Injury Cases

One of the first hurdles to overcome in a personal injury lawsuit is meeting the statute of limitations. This means you must file your lawsuit before a deadline set by the law. In Alaska, the statute of limitations for personal injury cases is two years.

There are some exceptions that can extend the deadline to file a lawsuit, such as if the person responsible for your injury leaves the state or goes into hiding. In that circumstance, the statute of limitations period pauses until the person returns to the state or is located.

If you aren’t sure whether it’s too late to file a lawsuit, speaking with a personal injury lawyer is the best way to identify any exceptions that may apply.

Alaska Personal Injury Laws

In addition to the statute of limitations, your case may be impacted by the following state laws.

• Rules for establishing fault. To receive compensation for an injury, you must show that the defendant party was at fault. Alaska follows a pure comparative negligence rule to determine what you can recover. This means that a jury will decide what percentage of fault to assign to each party. Even if you are found to be partially at fault for the injury, you can still recover for the percentage assigned to another party.
• Damage caps in medical malpractice cases. If an injury stems from negligent medical treatment, then noneconomic damages are capped based on the severity of the injury. Injuries that cause severe and permanent disablement or death are capped at $400,000. Less severe injuries are capped at $250,000.
• Damage caps in other personal injury cases. Personal injury cases not caused by medical malpractice are also subject to noneconomic damages caps. Severe impairment or disfigurement cases are capped at the greater of $1 million or $25,000 multiplied by the person’s life expectancy in years. Cases involving less severe injuries are capped at the greater of $400,000 or $8,000 multiplied by the person’s life expectancy in years.

Personal Injury Settlement Considerations

Many personal injury cases settle without a trial, but compensation is not paid out immediately. Settlement funds are usually available within six weeks of the settlement agreement being finalized, but it can vary depending on the circumstances.

Assuming you worked with an attorney, their fees will be deducted from the settlement before you receive a check. Most personal injury lawyers take cases on a contingency fee basis, meaning they charge a percentage of what they recover on your behalf.

For example, if you accept a settlement of $100,000 and owe your lawyer a 33% contingency fee, they will deduct $33,000 from your settlement for their services. Some lawyers also charge administrative fees for court filings or copies, so make sure you understand your lawyer’s fee structure upfront.

Once you receive your settlement funds, you will not owe taxes on the settlement in most cases. The Internal Revenue Service (IRS) does not calculate taxes on damages received for physical injuries or illness. However, you may owe tax on any interest added to your settlement or in cases where the compensation is for emotional distress or punitive damages.