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What Are The Costs Of A Products Liability Lawsuit?

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Injuries caused by a product defect can cause severe harm and/or death. A product can be defective because of a design, manufacturing, or marketing defect. Furthermore, you can sue everyone in the “chain of distribution,” which means that you can sue all the way from the manufacturer down to the retailer that sold the item. This large amount of liability that is imposed on these companies and retailers usually means that they have products liability insurance in case they release a defective product out on the market and is sued for it.

Medical Costs

Certain malfunctions in products require people to seek professional medical help. Without adequate insurance, these costs can quickly stack up and be a major financial burden. Chiropractor in Broken Arrow initial examinations are expensive, and that is just for an initial exam. Treatment and follow-up appointments can end up costing a lot more than that. A minor injury can also worsen with time. Doctor visits may become more frequent and insurance rates can rise. Initial costs are not always what you initially expect.

Following a successful lawsuit, your present and future medical costs will be compensated (subject to certainty of damages and potential costs discussed below). Without a lawsuit, you forfeit this compensation and may have to pay out of your own pocket. If you wait too long, the statute of limitations in your state will run, preventing you to sue.

Attorney Costs

We are all aware that the cost of retaining an attorney can be expensive. However, the good news is that most lawyers offer free consultations for new cases so that they can review the facts before commencing a lawsuit. During these consultations, attorneys will give you their opinion on whether it’s worth it for you to sue or not. Usually, you’ll have nothing to lose by having a confidential initial consultation with an attorney to explain what happened.

Furthermore, attorneys typically do not charge you unless your case is successful because they often work on a contingency basis. Therefore, if you obtain a Richmond personal injury lawyer, you will likely not have to pay a dime until and unless you receive a judgment in your favor. On the other hand, some attorneys work by the hour and will charge you for every hour they spend working on your case. Before hiring an attorney, always ask about how they charge.

Comparative and Contributory Negligence

Your ultimate monetary award can sometimes be less than your accumulated costs. For example, if you weren’t handling the product in the correct way or voluntarily and unreasonably assumed the risk of using a product, your damages can be reduced. Although products liability is treated as a strict liability tort, your negligence or assumption of the risk could be a defense for the defendant(s), depending on your state’s laws. Consult with an attorney in your area to be informed about your product liability laws in your state, as these laws can vary.

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Walking Away from a Mortgage…

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I’ve know I’ve told the story before, but here’s the Reader’s Digest version about our home. We purchased our home in 2007. Since that time, the value has dropped more than $125,000. After we both lost our jobs and I took a new one making far less money, we shaved our spending and are still able to make the payments and reduce debt.

When people hear how far upside-down we are on our home (a common topic in southern California), a good number of them ask… ‘Why don’t you walk away?’

Sunday night, 60 Minutes aired a segment called ‘Walking Away’ about homeowners who can pay their underwater mortgages but choose not to. Nine states forbid banks from chasing other assets, making this process nearly painless.

According to these homeowners, ‘it’s a logical business decision’, ‘it’s legal’, and ‘it’s the right thing to do’.

In fact, there are companies who help you through the process (for a fee of course). One of them is called Youwalkaway.com who says their greatest challenge is convincing people that this decision is not immoral, it’s a business transaction. Homeowners, who can pay their mortgage, live in their homes for free until foreclosure and store up cash for their next big purchase.

Maybe I’m in left field but…

First, I do believe this is a moral decision. I don’t care if I had a lame bank or made a bad deal, I made the decision to take the deal and as long as I am able, I will hold up my end of this nasty bargain.

Second, this is a selfish decision. Sure, these homeowners will save themselves an instant wad of cash… at the expense of their neighbors, their fellow homeowners, and in the end… themselves. One way or another, you and I have to pay for those losses.

Third, no one learns a lesson when there is no loss. The show talked about people storing up cash and buying more things. If you don’t suffer the loss, you simply can’t learn from the lesson and you will make the same stupid mistakes over and over again.

We’ve learned that when people ask about our underwater status, we smile and say ‘Eh, we’re not concerned. We’re staying for the long term and don’t keep track.’

We made a BAD, BAD decision and it’s a lesson we will pay for 125,000 times but I certainly don’t expect others to foot my bill.


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