Jason Stephens | September 16, 2022 | Personal Injury
You’ve been injured in an accident and have pursued compensation from the at-fault party’s insurance company. The good news is that most personal injury cases don’t go to trial. This means that a settlement is often negotiated between the involved parties. How long it takes to receive the settlement check can depend on a variety of factors.
Whether the settlement check process goes smoothly or hits some hurdles along the way, you will ultimately receive your check. You can talk through all of the different timeline scenarios with your lawyer. They will assure you that your money will come; you might just need to be patient.
Settlement Versus Trial
A settlement is a preferable way to resolve a claim compared to a trial. With a settlement, the at-fault party agrees to pay a specified sum to the injured party. In turn, the injured party consents not to pursue any further claim against the at-fault party. To do this, you will have to sign a release.
Achieving a settlement can take much less time than going to trial to get a decision. Less time involved equates to less money spent by both parties on litigation and court fees.
That being said, a settlement agreement is a contract, and every term should be seriously and carefully weighed. To ensure your interests are protected, it’s wise to never sign any documents without speaking to your lawyer.
The Settlement Check and Creditors
Once the settlement agreement and release forms are signed, the insurance company will issue the settlement check. It is usually sent to your lawyer. State law requires the insurance company to pay the claim within five working days after written notification accepting liability.
Once your lawyer receives the settlement check, it is deposited into the lawyer’s trust account. How long can a lawyer hold your settlement check? Before the lawyer disburses your compensation to you, they have to make sure everyone you owe money to gets paid what they are due from the settlement funds.
Some bills that typically need to be paid from your settlement check include medical liens. Oftentimes, your lawyer will be able to negotiate with the insurance or healthcare providers you owe money to and get them to reduce the amount you are required to pay. If your health insurance company paid any of your bills related to the claim, they might also be entitled to payment from your settlement amount.
The Settlement Amount Minus Attorney’s Fees and Costs
After paying any creditors you may owe, your attorney will deduct the costs and fees that you agreed to pay when you hired the attorney. Most Texas personal injury lawyers work on a contingency fee basis. This means you pay them an agreed-upon percentage of the funds you received for the claim they helped you win.
Once the attorney’s fees and costs have been deducted, your lawyer will write you a check for the remaining amount. The lawyer should give you a detailed accounting of everything that was taken out so that you have a full understanding of what was paid.
Generally, it should take around six weeks or so from the time you sign the settlement papers until you receive your settlement check. If it takes longer, check in with your attorney to see what is causing the holdup.
Speak To a Fort Worth Personal Injury Lawyer About the Process of Receiving a Settlement Check
Consult an experienced personal injury lawyer with any questions about settling your personal injury claim. You can ask questions during a free consultation.
Contact Our Personal Injury Law Firm in Fort Worth, TX
If you’ve been injured in an accident in Fort Worth and need legal help, contact our Fort Worth personal injury lawyers at Stephens Law Personal Injury | Wrongful Death | Truck Accidents to schedule a free consultation.
Stephens Law Personal Injury | Wrongful Death | Truck Accidents
1300 S University Dr # 406
Fort Worth, TX 76107