Once you have reached a settlement in your personal injury case, you are probably anxious to receive your compensation. How long it takes to actually be paid your settlement can vary depending on several factors. If you are dealing with a personal injury claim it is important that you understand the standard timeline and manage your expectations. Working with a Bergen County injury lawyer can help ensure that you are prepared for the outcome of your claim.
What is the Settlement Payment Process?
After reaching a settlement agreement, the process of receiving your compensation involves several steps. Settlements are generally paid in either a lump sum or as a structured payment plan. Lump sum payments are awarded all at once, whereas structured settlements are paid in installments over the course of several years.
Once your settlement agreement has been reached a formal document must be drafted and signed, outlining the amount to be paid and the terms under which it will be disbursed. The paperwork will then be reviewed and processed by both attorneys and the insurance company. Finally, the payment can be disbursed.
How Long After My Settlement Will I Get Paid?
Once your claim has been settled you can generally expect to receive payment within 3 to 6 weeks. The actual timeframe will vary depending on the details of your situation. You could face delays from the bank or insurance providers, and whether you are receiving a lump sum or installments can impact the timeline as well.
What Factors Influence How Long It Takes to Receive My Settlement?
Several factors can impact the amount of time it takes to receive settlement funds. Consider the following.
- The complexity of the case: Complex cases that involve multiple parties or extensive paperwork can take longer to resolve.
- Insurance company: The efficiency of the insurance company in processing and issuing the settlement check can vary. Some companies work quickly while others can experience delays.
- Your attorney: Your attorney’s efficiency can also impact how quickly you receive your money. They have to manage paperwork, communicate with the insurance companies, and handle various complications. An efficient attorney will help expedite the process.
- Administrative delays: Unexpected issues or administrative delays can sometimes occur, increasing the amount of time it takes to be issued your check. Bank processing, mailing delays, errors, and more can all contribute to delays.
While the typical timeline is 3 to 6 weeks to receive the settlement, it is important to be prepared for potential delays. Maintaining open communication with your attorney can help you manage expectations and remain in the loop.
Settlement money can be critical for covering medical, living, and other expenses impacted by your injury. It is crucial that you and your attorney work to receive your compensation in a timely manner. Because various factors can influence how long it takes to receive your money you must work with an efficient and experienced injury attorney. Reach out to a lawyer at Feitlin, Youngman, Karas & Gerson, LLC today to begin discussing your case.
