When Can I Expect a Settlement Check?

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When Can I Expect a Settlement Check?

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Posted By DAM Firm | August 18 2020 | Personal Injury

If you or somebody you care about has been injured due to the careless or negligent actions of another party, it may be necessary to seek compensation through an insurance settlement or a personal injury lawsuit. The vast majority of personal injury cases are resolved through settlements with insurance carriers. While these cases are not always easy, personal injury victims need to know how quickly they can expect to receive their settlement check when their matter is resolved.

The Settlement Process Is Not Always Straightforward

Once a final settlement amount is agreed upon with the insurance carrier for a personal injury case, there are various administrative steps that the personal injury victim needs to be aware of.

  1. Signing releases and other documents. When a settlement is reached with the insurance carrier, the legal teams involved will typically draft a series of release forms that have various terms and conditions that your attorney should read over carefully. Usually, signing a release will mean that you are giving up the right to pursue any future damages for your injuries related to this case.
  2. Insurance company processes the release and cuts a check. After the insurance carrier receives your release forms, they will typically process your settlement check. This check will usually be payable to both you and your attorney, and your attorney will likely be mailed the check.
  3. Your lawyer deposits the check into an escrow account to pay liens. Your lawyer will then deposit the money into an escrow account that is only temporary. This is a part of the settlement process that will allow money to be distributed to the appropriate parties. For example, your attorney may dissent portions of your money to:
    • Cover any unpaid medical bills
    • Your insurance carrier if they covered any of the expenses regarding medical treatment
    • Medicare or Medicaid if they covered any of the expenses related to the accident
  4. Your lawyer will deduct their legal fees and costs. In most personal injury cases, an attorney will handle the case on a contingency fee basis at no upfront costs to the client. However, this is the point where the attorney will deduct their legal fees and expenses they paid to reach a settlement for your case.
  5. You receive your final settlement amount. After all other expenses have been paid out of the settlement, you should receive the remainder of your settlement money. While this may seem like an arduous process, it is important to understand that a settlement with insurance carriers is typically the quickest way to resolve a personal injury case. Working with an injury lawyer in OC is the best way to ensure that you receive maximum compensation for your case.

What About Structured Settlements?

Structured settlements are an arrangement that involves a victim receiving portions of their settlement over longer periods of time. Typically, a structured settlement occurs when the victim is a minor or has sustained a catastrophic injury that involves ongoing medical treatment. Structured settlements are paid and a guaranteed amount on a fixed schedule. For example, an injury victim may receive a portion of their settlement every month or annually.

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