You’ve been strongly focused on your case since shortly after the accident, and how your personal injury lawyer may assist you to get the compensation that will help you reconstruct your life.
But have you thought about what will happen after you win the case? How the settlements for personal injury claims will be made? How exactly do you get your hands on the money? It takes time, and many don’t understand it until they’ve gone through it.
The entire journey of your settlement check will be discussed in this article. We’ll go over the different stops the money makes as well as any unnecessary delays along the road.
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Journey Of Your Settlement Check
You are keen to leave your accident, medical expenses, and legal matters in the past. Nevertheless, until you have received compensation for injuries, that can be difficult for most injured people. Issues might be a little bit easier if you understand the procedure that gets there.
1. Your Sign The Release Form
It is time to sign the paperwork when all parties, including their attorneys and insurance companies, have agreed on an injury settlement sum. There will be several documents for you to sign, but the release is the most crucial one.
The release declares that you won’t pursue additional damages from the at-fault person or their insurance provider and exempts the latter from any further liability or loss.
2. The Health Insurer Issues A Check
The at-fault party’s insurer gets the signed release and issues the settlement check. The check will be sent to the law office and written out to both you and your attorney.
3. Your Attorney Deposits The Check
The check is deposited into the legal trust account of the lawyer for processing. The settlement amount stays with your lawyer and needs to pass through a few others steps before it reaches you.
4. Past-Due Hospital Expenses And Other Bills Are Negotiated By Your Attorney
Injury victims frequently owe third parties, such as doctors and hospitals, a fraction of their settlement. These debts, sometimes known as “liens,” can be bargained, and your lawyer will work hard to get the amount you owe reduced.
5. You Receive Your Settlement Amount
Once all liens, expenditures, and legal fees have been resolved, you will meet with your lawyer to close your case. They will deliver a settlement package that includes a copy of your release and proof of any payments made. The final papers will then be signed after you have reviewed everything. After that, you’ll finally get your check in your hand!
Payout Options For Settlement Money
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Structured Payments
If the payment is structured, you will get regular, assured payments. Along with the advantages of tax exemptions, this payment plan ensures that you’ll not run out of money.
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Lump Sum Payment
You can get the entire settlement amount all at once if you choose the lump-sum payment option. Those who desire complete control over their settlement funds will profit from this.
If you’re looking for a personal injury attorney, the Law Firm of Springer & Steinberg, P.C. could help you with your case by taking up your case and forming a solid foundation for it. Their staff is prepared to look into the facts, prove who was actually at fault, and demand compensation from all accountable parties.
There is no way to predict the outcome of your personal injury settlement. Nevertheless, personal injury attorneys put in their best efforts to assist you to get the most out of your case.
