how long does it take after your lawyer gives settlement amount ti get money

by Bud Anderson 4 min read

around four to six weeks

Full Answer

How long does it take to get paid after a settlement?

How Long Does It Take to Get Paid After a Settlement? Depending on your case, it can take from 1 – 6 weeks to receive your money after your case has been settled. This is due to many factors but below outlines the basic process.

How long can My Lawyer Hold my settlement check?

When your case finally settles, you will probably want to ask how long your lawyer can hold your settlement check. After several months or years of legal proceedings, you deserve to get paid, especially if you have bills piling up.

How long does it take to get a lawsuit loan?

We typically tell our clients to expect to wait at least a few weeks. Is a Lawsuit Loan the Right Option for You? If you need financial assistance now and want to avoid high-interest payday loans and credit card bills, consider taking out a lawsuit loan with the help of Injury Wallet.

How long does it take to settle a personal injury case?

However, the settlement process isn’t as simple as the insurance company just dropping a check in the mail. While most personal injury settlements in Texas finalize within six weeks or less, the process to get there can be a bit complex. Fortunately, if you know what to expect, you’ll find this process a lot easier to navigate.

Most Personal Injury Settlements Finalize In Less Than Six Weeks

Personal injury settlements routinely drag on for months, even years. By the time the insurance company eventually agrees to a settlement, you are likely to be eager to resolve the case, get your compensation, and start putting that money to good use for addressing medical bills and other pressing expenses.

Step 1: Sign the Releases and Any Other Documentation

When you reach a settlement with the insurance provider, the attorneys then draft several release forms.

Step 2: The Insurance Carrier Processes the Release Then Cuts a Check

As soon as the insurer receives these signed release forms, they should process them expediently. At this point, this can issue your settlement check.

Step 3: Your Attorney Deposits the Check in an Escrow Account and Then Pays Your Liens

Your lawyer will deposit the insurance check into an escrow or trust account. This is not your attorney’s decision but a mandatory part of the process. As soon as the check clears, your lawyer will send on your settlement funds.

Step 4: Your Lawyer Also Deducts Legal Fees and Costs Before Cutting a Check

Your attorney pays all liens and then deducts legal costs and fees for your settlement. These legal fees amount to a predetermined percentage of your settlement. This will be outlined in the original attorney-client contract.

What Should I Do if My Settlement Is Badly Delayed?

In most cases, the victims of personal injury cases can expect to receive settlement within six weeks of negotiations ending.

How long does it take for a settlement check to clear?

The attorney may hold the check in a trust or escrow account until it clears. This may take several days, especially if it is a large check.

What is the first step in receiving a settlement check?

Release Form. The first step in receiving your settlement check is to sign a release form that states that you will not pursue any further monies from the defendant for the specific incident in question. The defendant or the defendant’s insurance company will not send a check for your damages without such a form.

What happens if you owe child support?

If you owe child support, a lien may be issued against your settlement. Liens must be paid off before you receive your remaining portion of the settlement. In some instances, your attorney may try to negotiate to have the value of these liens reduced so that you will wind up with more money in your own pocket. However, this negotiation can take up additional time and slow down the receipt of your settlement funds. The internal process of the defendant’s insurance company may also cause a delay, such as if the claim is processed in one state office and the check comes out of another state’s office.

How to speed up a settlement?

The release may indicate the amount of time that actual payment is expected. You can ensure that you submit all documents to your attorney that the defendant requires before cutting a check. Your attorney can also use expedited shipping and return receipt request mailings to avoid excuses that documents were not received by the defendant. If you anticipate that you will owe medical providers or other creditors' funds, you may ask your attorney if you can receive a partial distribution while your attorney holds the rest and settles your outstanding claims.

What are some examples of delay in a settlement?

There are several instances when a delay may occur. For example, the defendant may have its own release form. Your attorney and the defendant’s attorney may have to revise this form until it is acceptable to both parties. Certain cases may require more preparation, such as cases involving estates or minors. You may have a medical lien or other lien against the proceeds of your settlement. For example, a medical provider may have a lien against you if it has not received payment for the services you incurred during an accident.

How does the release time work?

At this point, the release time depends largely on the defendant’s internal process. Some states have specific deadlines in which a defendant must provide settlement funds after receiving the release form. Some state laws strengthen the leverage over the defendant by requiring him or her to start accumulating interest on the settlement funds from the date that the release form is received so that there is a disincentive for the defendant to delay payment.

Can an attorney give you an estimate of when you can expect your check?

While you can ask your attorney to give you an estimate of when you can expect your check, the answer to this question depends on a number of factors, such as the defendant’s policy, the type of case that it is and whether there are any extraneous circumstances affecting payout.

Timeline of the Settlement Process After Injury

In order to determine how long after a settlement you get paid, you also need to know how long your personal injury case will take. When you and your lawyer begin working together to file a personal injury claim, your goal is to reach a settlement with the opposing party.

Getting the Settlement Money You Need in West Virginia

If you are looking for more information about how to file a personal injury claim in West Virginia, we invite you to reach out to our office to begin a discussion about how our lawyers may be able to help you. When you make the decision to take legal action after an injury, it is usually because your life has been significantly altered.

How long does it take for a settlement check to be delivered?

While many settlements finalize within six weeks, some settlements may take several months to resolve.

How long does it take to settle a liens claim?

It’s usually easy to settle liens, unless the government has a lien against your settlement. If you have any liens from a government-funded program like Medicare or Medicaid, it takes months to resolve them. Your lawyer also uses your settlement check to resolve any bills related to your lawsuit.

How long does it take for a check to clear?

Once your lawyer receives the check, they usually hold it in a trust or escrow account until it clears. This process takes around 5-7 days for larger settlement checks. Once the check clears, your lawyer deducts their share to cover the cost of their legal services.

What is structured settlement?

Unlike a regular settlement that pays the settlement amount in full, a structured settlement is when a defendant pays the settlement amount over time. These types of settlements usually occur when the case involves a minor or if there was a catastrophic injury that requires extensive ongoing medical care.

What happens when you get a settlement check?

When you finally reach a settlement, there are a few more things you and your lawyer need to do before the defendant gives your lawyer the check. Even so, once the check reaches your lawyer, there are a few obligations they must attend to before they give you the final balance.

What form do you sign to get a settlement?

The first form you have to sign to get your settlement is a release form. This form is a legally binding agreement stating that you will not pursue further legal action against the defendant for your specific case. Most defendants or insurance companies won’t give you a settlement check unless you sign the release form. However, if you have concurrent lawsuits against the same defendant for a different matter, you don’t have to stop pursuing those claims.

How to speed up the delivery of a settlement check?

Once you get close to a settlement, start drafting a release form ahead of time so it’s ready once you reach an agreement.

What happens after a settlement is reached?

After a settlement has been reached, your attorney will pay any outstanding medical or automobile bills. This process can be sped up if your attorney has all the most current bills.

What happens after you pay court fees?

After all other fees are paid, then the remainder of the funds will go to you. Common court fees are for filing of settlements, fees to force witnesses to appear, and other court expenses.

What is structured settlement?

If you have been awarded a large sum, it may come in the form of periodic payments. These periodic payments are called a structured settlement. If you have a structured settlement but would like more of your money now, read up on sell structured settlement details to see if this is the right path for you about “ how long does it take ...

How long does a bank hold money?

If you receive a large sum of money at once, your bank may hold some of the money for 3-9 business days. This helps to ensure that the money that is deposited comes from legitimate sources. At the end of a long case, the last thing you want to hear is that it will take longer to receive your funds. Rest assured your attorney will be working ...

When will insurance companies issue checks?

After the Agreement Is Signed. While an agreement may have been made, the insurance company will not issue a check until the legal paperwork has been signed. It may take some time to ensure all the legal paperwork is signed and appropriately filed.

Can you get a check after a certain time?

Typically if checks are received after a certain time of day or day of the week, they will be processed on the next business day. Weekends and holidays can delay check processing.

Is there a lot of lawyers out there?

There are a lot of lawyers out there, it is great to have one place to look to find them all. Our directory contains the laws in your area as well as their specialty area.

Most Settlement Checks Finalize Within Six Weeks

Once an insurance company finally agrees to a personal injury settlement, most victims are in a hurry to finish their case, receive their compensation, and begin using the money to pay for medical bills and other damages related to their case.

Step 1: Signing Release Forms and Other Documents

Once the insurance company reaches a settlement agreement, the attorneys typically draft a series of release forms. Depending on your particular case, your release forms might be relatively simple, or they may contain detailed conditions and terms that your attorney will have to read over carefully.

Step 2: The Insurance Company Processes Your Release and Issue a Check

Once the insurance company receives your release forms, they will process them and issue a settlement check. Usually, they make this check payable to you and your attorney and send it directly to your attorney. This process typically goes smoothly, but insurance companies may delay the check for various reasons, including clerical errors.

Step 3: Your Attorney Deposits the Settlement Check in an Escrow Account and Pays Your Liens

Upon receiving the settlement check, your attorney will deposit the check into an escrow account or special trust. This, however, is only temporary and is not your attorney’s decision. It’s a mandatory part of the settlement process under State Bar of Texas rules.

Step 4: Your Lawyer Will Deduct Costs and Legal Fees

After your attorney pays liens, they will deduct costs and legal fees from your settlement. Your attorney’s fees will amount to a certain percentage of your payment as outlined in the attorney-client contract you signed at the beginning of your case. However, your expenses and legal costs will depend on many factors that are unique to your case.

What Happens if My Settlement Gets Delayed?

Once the negotiations are finalized, most injured victims receive their settlement check within six weeks. However, additional delays may occur. If your settlement check gets delayed, you should contact your attorney, as your lawyer should explain the delay and may be able to resolve it.

Structured Settlement Payments

On rare occasions, a personal injury claim gets paid through a structured settlement, which is an arrangement that involves the victim receiving portions of their settlement check over time.

How long does it take to get a settlement offer?

So how long does it take to get your settlement offer after the release is submitted? It typically takes about six weeks, depending on the complexity of the case.

How Long Does it Take to Get a Personal Injury Settlement Check?

A personal injury settlement process refers to the monetary compensation that a victim/plaintiff receives from a defendant in order to prevent the case from going to a jury trial. If you have completed the process of filing a personal injury claim with a health insurance company, you may be wondering, how long does it take to get a settlement check?

How does a personal injury attorney distribute settlement money?

Once the check is received, your attorney will deposit it into a special trust or escrow account. As soon as the check clears, your personal injury case attorney will distribute the settlement money. However, it should be noted that in some cases your personal injury attorney might need to put a portion of the settlement money towards various unpaid debts or medical lien.

Why do people get settlement checks?

It’s true that most injured victims in personal injury cases are anxious to receive a settlement check to pay for mounting medical expenses and gathering medical records received as a result of the accident.

How is a personal injury settlement determined?

Most personal injury settlements are determined after both parties have examined the evidence and found a rough estimate of how much the case is worth. Both parties will then sign a settlement agreement after the insurance company processes the claim. The plaintiff also signs legal documentation giving up the right to pursue a future lawsuit.

What happens after you sign a release form?

After you’ve signed your own release form in cases involving estates, the defendant's insurance company receives the document and then issues a fair settlement check. In most cases, the settlement check is sent to your attorney, and made payable in both of your names.

What is financial compensation in an accident?

When a victim is injured in an accident and suffers expenses for maximum medical improvement, lost wages or earning capacity, reduced quality of life, pain and suffering, loss of consortium, and more, financial compensation via a lawsuit settlement is a means of helping the injured party recovery from a jury verdict and live a productive life following an accident.