How Long Do I Have to Wait to Receive My Settlement?

Monday, August 12, 2013

How Long Do I Have to Wait to Receive My Settlement?

Written by Malman Law, reviewed by Steve J. Malman.

As soon as a settlement is reached in a personal injury case or others, you may feel eager to receive the money as soon as possible. Unfortunately, there isn’t a single set amount of time that applies to all recipients. The truth is that the time it takes to actually receive your compensation depends on a number of factors. Delays may occur before your personal injury attorney receives a settlement check or afterward. You can mitigate some, but not others.

Delays in Payment to Your Attorney

It may take some time for the defendant’s insurer to supply your attorney with a settlement check. Certain states even have statutes which address this problem, including setting a limit for payment that if not met will result in additional interest. However, some loopholes in these statutes can prevent punishment from reaching defendants who don’t pay on time. One such loophole can involve the requirement of having the agreement in writing, which defendants may avoid doing in the first place.

The way to eliminate this problem is to set a deadline for delivery of your settlement, helping you to receive it within 20 days. It’s important to give a little thought to how you want to approach an agreement before you actually agree, saving you from avoidable delays.

Delays After Your Attorney Receives the Check

One unavoidable delay comes after your lawyer has received the check from defendants’ insurers. The delay involves the clearing of the check through your attorney’s trust account. Some checks take up to 10 business days to clear, unless the trust account and check share the same bank. Another cause for delay is if your lawyer attempts to help you receive more money by negotiating lien and bill settlements. In certain cases, you can ask for a partial distribution from your attorney’s trust account once the check clears, which allows you to see a portion of your settlement while the attorney has enough to cover the liens. As soon as the liens are covered, you receive the rest of your settlement.

To help eliminate delays or lost money from a settlement, turn to a personal injury lawyer for your cases, and get started on your way to full compensation with a free case evaluation.