Congratulations on reaching a settlement or winning your personal injury lawsuit! Now, let’s guide you through the next crucial step: collecting your personal injury award. After a case settles or goes to trial and wins an award, there are a few steps before you receive your money.
Receiving Your Money After a Settlement or Verdict
Once reaching a settlement with the insurance company or winning the law suit, the process for collecting your personal injury award is straightforward.
The Release
The defendant’s attorney will prepare a release, outlining the terms of the settlement, and send it to your personal injury lawyer. Your attorney will review it to ensure it accurately reflects the agreement. If there are objections, your lawyer may negotiate with the other attorney until it is acceptable.
Once the release is acceptable, your attorney will send it to you. You will need to have your signature notarized by a notary public. Do not sign the release until you have read it and discussed any questions with your lawyer. Once signed, the terms are final.
Depositing Proceeds Into a Trust Fund
After signing the release, the defendant or their insurance company will send the settlement check to your attorney. It usually takes about one to three weeks after case settlement for the law firm to receive the check from the insurance company. Your attorney will handle any necessary payments such as liens and attorney’s fees before disbursing the remaining funds to you.
Clearing Medical Liens & Other Debt
After receiving the settlement check, as your lawyers, we’ll se to it that creditors are paid. We’ll need to pay any liens against the award, such as those from your medical insurance or the government if you had Medicaid or Medicare. Our team will fight to reduce your medical costs through aggressive lien reduction negotiations so that more ends up in your pocket. Your attorney’s fees and any other costs will also be deducted.
Receiving your Check
You will receive all proceeds not used to pay debtors, cover legal fees or other costs. Your check will include all amounts owed to you, including those for future medical procedures, lost earnings, emotional anguish, and pain and suffering. You and your family are free to utilize the money whatever best suits your needs.
When the Defendant Has No Insurance
While most personal injury lawyers do not accept lawsuits against uninsured individuals, they might if the person has assets from which the settlement or award could be collected. In such cases, your attorney will likely demand a bank or certified cashier’s check from the defendant before you sign the release.
Common Questions & Answers
What happens if the insurance company delays payment?
If the insurance company delays payment beyond the agreed period, your attorney may need to take further legal action to enforce the settlement.
Can I refuse to sign the release if I disagree with the terms?
Yes, you should not sign the release until fully satisfied with the terms. Discuss any concerns with your attorney.
What Does the Release Do for Collecting your Personal Injury award?
The release is a document where you agree to the settlement terms and waive your rights to further litigate the matter. It is crucial to review it carefully with your lawyer before signing. Once signed, you cannot request additional money later.
Can I ask My Lawyer for a Copy of the Settlement Check?
Yes, you can ask your lawyer for a copy of the settlement check. However, more commonly, you will receive a detailed breakdown of the settlement disbursement. This disbursement sheet outlines the total amount received, any deductions for legal fees, costs, and other expenses, and the final amount you’ll receive. If you specifically want a copy of the settlement check itself, you have the right to request it.
Tips for Clients
- Keep Detailed Records: Maintain all correspondence and documents related to your case and settlement.
- Stay in Communication: Regularly check in with your attorney for updates on your case.
- Understand Your Liens: Be aware of any liens on your settlement and how they are to be paid.
Conclusion
Collecting your personal injury award depends on whether you reached a settlement or received a trial verdict. The time it takes for a settlement check to clear can vary, but it’s usually a few days to a few weeks.
Ultimately, our aim is to secure the maximum recovery for our clients. During the disbursement process, we strive to enhance the client’s recovery by minimizing payments to only those parties legally entitled to a portion of the settlement. Although this process may take some time, it is beneficial because every reduction achieved directly boosts our client’s overall compensation.
If you have any questions about the timeline for your case, speak with your personal injury attorney. If you have questions about a personal injury case, call El Dabe Ritter Trial Lawyers at (213) 985-1120.