Once you have decided to accept a settlement for a personal injury case, you may wonder: Do you get the check right away? The fact is that you will not get it within a few hours or even days of settling. There are actually a few more steps you must follow. The good news is that your personal injury attorney can assess your specific case to find potential hiccups and avoid them.
The Next Step is Signing the Release
Once you and the other party have agreed to a personal injury settlement, you must then sign a release form. This will state that once the settlement is complete, you will not have the right to sue for further damages. This release form will protect the at-fault party from other lawsuits for the same accident and injury you are suing for.
The Release Will Be Processed and a Check Sent to Your Attorney
Once the release is signed and sent back to the at-fault party’s insurance company, they will process it and issue a settlement check. In most cases, the settlement check will be sent to your attorney but will be made payable to both you and the attorney.
Your Attorney Will Pay Any Liens
Next, your attorney will deposit the check into a special trust or escrow account. When the check clears, the attorney will then distribute the settlement money appropriately. Though the specifics will vary based on your case, most cases involve some type of unpaid debts or liens, which the attorney will pay from the proceeds of the settlement. Your attorney will then deduct their own legal fees from the check and you will receive a check for the remaining balance.
There can, of course, be delays in getting your personal injury settlement. For example, the defendant may have an additional release form to sign and they may not sign it right away. Some cases involve estates, which can complicate things and require additional preparation. Ideally, if your case involves a delay your attorney will communicate with you to let you know what the delay is and how long it is likely to last.
Do You Have More Questions About Personal Injury Settlements?
If you have additional questions about personal injury settlements, or you have suffered a serious injury and would like to request a free legal consultation, please contact The Law Offices of Larry H. Parker at 800-333-0000. While the above is a general explanation of the process and timeframe involved in getting a personal injury settlement, three are of course many factors that can affect the bottom line.