When you have a personal injury lawsuit, there’s a strong chance that you will reach a settlement agreement rather than having to go to trial. Once personal injury cases are resolved by way of an acceptable settlement offer, you may be eagerly awaiting your settlement funds. However, before you get a settlement check, there are a few things that need to happen to finalize your personal injury case first.
Gingras, Thomsen & Wachs, LLP, also known as GTW Lawyers, is a trusted law firm that specializes in personal injury cases and recovering a fair settlement for each client. Our law offices are diligent in the settlement agreement process to help it go smoothly. This informative blog post explains more about what is involved in receiving your personal injury settlement check to know what to expect when your case is concluded.
Understanding the Settlement Process For Personal Injury Claims
Before you get your settlement check from the insurance company for your personal injury claim, there are a few things your personal injury attorney must do. Whether for a car accident settlement or another type of personal injury, a settlement release needs to be signed. Your personal injury lawyer should review the settlement documents to ensure everything is in order first.
Once all the documents have been reviewed and approved, your lawyer will advise you to sign them. They might need to be signed in front of a notary. The insurance company can then begin the payment process, though you will not receive your personal injury settlement on the same day or most likely even the same week.
What Could Cause a Delay of the Settlement Check?
Awaiting your settlement check may seem stressful as you likely need it for your financial recovery. With medical bills, other medical expenses, lost wages, and other financial losses caused by the at-fault party in your car accident, you might desperately need compensation.
Even if the insurance company sends the total settlement promptly, there could be other reasons you experience delays.
Weekends and Holidays
Banks need to be open for the money to be processed from insurance companies. This means that you can only count business days. If your check for the settlement amount arrives late on a Friday or a holiday weekend, you should expect a delay before your attorney can get it into your trust account or escrow account.
Bank Delays
In addition to holidays and weekends, banks may cause delays when clearing the money. This is common with large checks as they want to confirm that it is legitimate. Depending on how much the insurance companies pay you in compensation, you could wait an additional week, or longer.
Delays with the Insurance Company
Sometimes, delays arise with the insurance company in the time between receiving the signed release and writing the check. Certain insurance companies only cut checks on specific days or may only process payments a few times a month. It depends on their methods of providing this form of pay, which may mean you’re waiting more than six weeks for your compensation.
Medical Liens and Other Reductions
Medical costs for your accident claim that are paid by certain medical providers may have the legal right to be paid before you recover. Other parties that have paid for your medical care may claim the right to be repaid out of a settlement. GTW lawyers know how to maximize your recovery when it comes to paying back the companies that paid for your accident-related medical care. Your lawyer will handle distributing these payments to those other parties. You could face legal action if you do not settle those debts from your accident.
How an Experienced Personal Injury Attorney Can Help You with Your Settlement
While some delays can’t be controlled, your legal team will do everything they can to help get your settlement to you more quickly. Be aware that in addition to liens, you must consider attorney’s fees and other legal fees that will be deducted from your settlement.
Since your attorney will work on a contingency basis, you don’t need to pay anything upfront. You will only need to pay a percentage of your settlement when your attorney successfully wins your personal injury claim.
How long does it take to get your check? You will not receive a check until your case actually settles. If court approval is needed or your attorney recommends you wait until maximum medical improvement, it might take a while. However, it will be worth it when you are awarded a settlement that fairly compensates you for your damages.
The personal injury law firm of GTW Lawyers has successfully settled many cases. You can learn more about how we can help you with your personal injury through a free consultation.
