One of the biggest questions people ask after an accident is when they’ll get their settlement money. It’s understandable. Bills pile up, and you want things to return to normal.
You might hear about people getting paid quickly, but the truth is it takes time. There are steps involved that can’t be rushed. While frustrating, knowing how the process works can help you be patient.
The First Step–Settlement
You need to finalize a settlement before receiving the check. The process begins when your attorney assesses the scope of your losses resulting from the injury. These losses can be either economic (medical bills and lost income) or non-economic (pain and suffering).
Next, your attorney will send a formal demand letter to the at-fault driver’s insurance company. The insurance company may respond with a lower settlement offer. Your attorney will work on your behalf to secure the maximum possible compensation.
You’ll sign a release form once you agree on a settlement amount. In this form, you give up your right to sue the other party for anything related to the incident. In return, the other party agrees to pay a specified amount.
Since this release is final, it’s important to understand the extent of your injuries before settling. Discovering new injuries, such as neurological issues from a car crash, won’t entitle you to additional compensation. So, it’s wise to listen to your attorney’s advice and avoid rushing the settlement process.
Will You Be Paid All at Once?
Lump sum payments are common. Sometimes, when injuries take a long time to heal, you might choose to get your settlement money in parts instead of all at once. This is called a structured settlement. A structured settlement means you’ll be paid small payments over an extended period, which is helpful for people who need money for a long time because of their injuries.
When Will You Get the Check?
The process is usually quick if your settlement is solely between you and the insurance company. Once the settlement is finalized and signed, the insurance company is required to send out the check within 30 days.
The check may be sent to your attorney’s office first if you have an attorney—which is recommended because represented plaintiffs often secure higher settlements. They’ll deposit the settlement check into a client trust account–a separate account used exclusively for client money. After the funds clear, your attorney will distribute the settlement to you, minus any agreed-upon fees and expenses.
Deductions from Your Settlement Check
Before you receive your funds, your attorney will often handle any legal deductions. Common deductions include:
- Medical Liens: If you received medical treatment, your healthcare provider might have a lien on the settlement, meaning they must be paid first. Negotiating a reduction in these costs might be possible.
- Subrogation Liens: If Medicare, Medicaid, the VA, or your insurance company covered your medical expenses, they may seek reimbursement.
- Worker’s Compensation: The insurance company is entitled to reimbursement if you received worker’s compensation benefits for a work-related injury.
- Attorney’s Fees: Most personal injury attorneys work on a contingency fee basis, meaning they take a pre-agreed percentage of your settlement. This fee will be deducted at this stage.
It is best to contact an attorney if you have questions about legal deductions.
Planning for the Future
Considering your long-term needs after receiving a personal injury settlement check is important. Depending on the extent of your injuries, you might require ongoing medical care, therapy, or home modifications. To ensure your settlement funds last as long as needed, consult with your attorney and consider seeking advice from a financial planner or other trusted professional.’’
Let Zayed Law Fight to Get The Best Personal Injury Settlement
Let Zayed Law Offices Personal Injury Attorneys fight for the best personal injury settlement on your behalf. Our dedicated team is committed to securing the compensation you deserve.
Our legal team has a proven track record of helping people recover compensation for medical bills, lost wages, and pain and suffering after accidents. With decades of combined experience, we’ll fight tirelessly to get you the compensation you deserve and hold insurance companies accountable.
Contact the Chicago Personal Injury Law Firm of Zayed Law Offices Personal Injury Attorneys for Help Today
For more information, please contact the experienced Chicago personal injury lawyers at Zayed Law Offices Personal Injury Attorneys today. We offer free consultations.
We proudly serve Cook County, Will County, Kendall County, and its surrounding areas:
Zayed Law Offices Personal Injury Attorneys – Chicago Office
10 S La Salle St STE 1230, Chicago, IL 60603
(312) 726-1616
Zayed Law Offices Personal Injury Attorneys – Joliet Office
195 Springfield Ave, Joliet, IL 60435
(815) 726-1616
