If you’ve been injured in an accident due to someone else’s negligence, it’s important to get legal advice as soon as possible. It’s also important to know that most personal injury claims are settled through negotiation. This is something that your insurance company will want to do with you directly, but if you have questions about the process, it’s always best to speak with a qualified personal injury attorney who can help guide you through what could be a very stressful time in your life.
How long it takes to receive a settlement check?
When you get a settlement check from an injury claim, it might seem like the end of the road. But there are still things you need to do before you can spend that money.
We’ll be honest with you: Receiving money from a lawsuit can take some time. But that doesn’t mean that your settlement check is stuck in some kind of legal limbo. The answer depends on the type of settlement you receive and how long your case has been open.
If you’re looking for information about how long it takes to receive a settlement check, then read on!
What factors affect when I’ll get my money?
The length of time it takes for you to receive a settlement check depends on several factors, including the type of policy you have and the type of claim you filed. However, there are some general guidelines that can help you estimate how long it will take to get your money.
First, let’s look at the factors that affect how long it will take for your settlement check to arrive.
Type of Policy:
The type of policy you have worked in tandem with other factors to determine how long it will take to receive a settlement check. For example, if you have a life insurance policy with an accelerated death benefit (ADB), then there’s no need for an investigation into whether or not your death was accidental. With other types of policies (like disability), there may be more paperwork involved in order for the insurance company to process your claim.
Type of Claim:
How quickly an insurance company pays out a claim is largely dependent on the type of claim being made. If it seems like the insurance company is dragging its feet on paying out your claim, ask them about it because they may just be waiting on additional information from you before moving forward with payment processing.”
The type of accident or injury:
If your injury is minor, such as a cut or sprain, then it may not take very long at all for your settlement check to arrive in the mail. However, if you’ve suffered a serious injury such as paralysis or brain damage, then it will take longer for your settlement check to be processed because of the complexity of your case and the need for additional medical care and treatment.
The amount of money involved:
If your case involves more than one person who was injured in an accident caused by someone else’s negligence, then it will likely take longer for everyone involved to receive their settlement checks because there’s more work involved on the part of lawyers and insurance companies alike. If one person receives $100,000 from an insurance company while another receives $300,000 from theirs due to their injuries being more severe than those of others involved in an accident with similar circumstances in terms of causes and damages sustained by all parties involved.
The case resolution:
The time it takes to receive your settlement check depends on several factors. The most important thing is how quickly you submit your claim. The sooner you file, the sooner you’ll receive your payment.
The other major factor is how long it takes for your case to be resolved by the court or arbitration panel. Once this happens, the court or arbitrator will issue a final judgment and order that includes the amount of money owed to each party and where payment should be made.
Some insurance companies also require an additional step called “post-award review,” which means checking with them before sending out checks. If this happens, you will need to wait until your claim has passed this step before receiving any funds from us.
Work with a personal injury lawyer so you can receive a settlement check faster.
If you’re injured in a car accident, the last thing you want to do is wait months or even years for the settlement check to arrive. That’s why it’s important to work with an experienced personal injury lawyer.
With years of experience handling cases like yours, a personal injury attorney can help you get the compensation you deserve without putting your life on hold. Your attorney will collect all necessary documents and evidence related to your claim, negotiate with insurance companies on your behalf and represent you in court if necessary.
Here are some of the benefits of working with a personal injury lawyer:
- You’ll receive a higher settlement. Insurance companies tend to offer higher settlements when they know that there is an attorney involved in the case. It’s important for them because they know that if they don’t offer enough money, then the case will go to the court where a jury might award more money than what was offered in the beginning.
- They have the resources and expertise needed to settle your case quickly and efficiently.
- They will take care of all paperwork for you so you can focus on getting better.
- Your attorney will handle negotiations with insurance companies so that you don’t have to worry about them.
What To Do After Getting My Settlement Check?
You must deposit the money into your bank account within 10 days of receiving it. If you don’t deposit the money, it will be considered income and will be taxed as such. You’ll also have to pay taxes on any interest that has accrued since the date of your injury. So if you get paid $20,000 for a car accident but don’t deposit it until six months later, when interest has added up to $2,400, then you’ll have to pay tax on all of that money — $21,400 — plus any taxes on interest earned during those six months.
Once you’ve deposited the money into your bank account, make sure that you keep good records of everything related to your settlement and where it came from so that if there are any questions or problems down the line (and there usually are), then you’ll have documentation showing where you used the funds.
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-Credits to Atty. Lem Garcia-
Lem Garcia founded Lem Garcia Law in 2014. It has become one of the fastest-growing and most well-respected personal injury law offices in Southern California, having recovered millions of dollars for clients. He received a journalism degree from California State Polytechnic University in Pomona and loves to share personal injury law with the world via social media platform TikTok at over 20,000 subscribers.
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