Most injured victims are dealing with not only the emotions involved in recovering from a serious injury, but the financial burden as well. They have compounding medical costs, lost wages and personal expenses that are difficult to cover as they deal with their recovery. It is not uncommon for a victim to wonder how long it will take to receive their settlement, especially if they have been going through this emotional and financial turmoil for some time.
Unfortunately, there is not a one-size-fits-all answer to the question. Some claims will take only a few weeks, while others may take a few years – it all comes down to the facts of the case, the type of settlement requested and the injury.
Making the Decision to Settle
Before asking your attorney how long it will take to settle your claim, the first question should be if it is in your best interest to settle. Insurance companies are quick to settle with injured parties – but often for way less than they should. They prey on your desperation and hope that you will accept even a low settlement in order to cover your losses.
In reality, it may not be in your best interest to take a settlement. This is where your experienced attorney comes into play. Discuss the facts of the settlement with your attorney and decide if it is a fair amount. Your attorney may advise you to negotiate or take the company to court instead of accepting their settlement.
The Negotiation Process
There may be a brief stint where you have to wait for the company and your attorney to negotiate a fair settlement. The process may occur among lawyers, inside the courtroom or through alternative resolution (such as arbitration or mediation). If attorneys cannot agree on a settlement figure, the negotiation process can easily be drawn out. Also, if the case has to go to trial, there will be numerous filings, responses and hearings.
For a faster negotiation, you may want to speak to your attorney about mediation or arbitration instead of taking the claim to court.
Finalizing your Settlement
Even after a settlement is agreed upon, the next and hardest step is enforcing what you agreed upon. Your attorney will need to file all necessary documents and may even have to go to court to enforce a settlement agreement. If parties are unwilling to settle or reluctant to finalize that settlement, it could still prolong the time between the finalization and when you receive your compensation.
Speak with a Chicago Personal Injury Attorney First
Some claims can be resolved within a few short months and others may take years. The only way to get an accurate estimate regarding your claim is to speak with a personal injury attorney. The team at Malman Law can discuss the facts of your case for free and help determine how long you may have to wait to receive your settlement. To schedule a free consultation with one of our experienced attorneys, contact us online or call 888-625-6265 now.