If you’ve recently had a lawsuit come to a close, congratulations. While the stress of making statements and showing up to give testimony is done, it isn’t all over yet.
If you’ve recently settled, chances are you are wondering when you can expect to receive the money that you’ve been promised. While there is no one correct answer, we’re here to help you decipher when you should expect to receive the settlement that you deserve.
Getting the Settlement You Deserve
If you and your legal representatives decide to settle with an insurance company, you’ll likely be asked to sign a waiver. This waiver usually states that you will not attempt to reopen the same claim in exchange for an agreed-upon settlement.
This statement protects the insurance company and the party responsible for any further liability. In this case, you’ll then receive a check written out from the insurance company.
This is the most optimal situation to be in when waiting for a settlement to pay you out. Insurance companies tend to move more quickly than payouts that don’t involve insurance. In this case, you can expect to wait between 4 to 6 weeks before receiving your check.
If the lawsuit doesn’t involve an insurance company, things get a bit more complicated. If the judge decides in your favor, collecting the money you deserve can be a long and complicated process.
Working with a Lawyer
If you worked with a lawyer who works on contingency there are special considerations to consider. Lawyers who work on contingency typically receive between 25% to 50% of the total settlement, not including the additional expenses that you may be legally responsible for.
Additional costs may also need to be paid out of the settlement you receive. These additional costs include the expenses paid out by the law firm you worked with on your case. These can include fees for filing claims, fees for pulling medical records, or travel expenses paid by the firm.
Consider Your Expenses
While a settlement may sound like a lot of money, there are some additional things you’ll want to consider. If you have unpaid medical bills, there may be a lien on the funds you receive.
These liens exist to ensure that you pay the money owed with the funds you receive. As tempting as an exotic vacation may seem, there are other people expecting to be paid what they’re owed, just like you!
If you can’t wait for your funds to arrive, you may want to consider learning more about pre-settlement funding. In this case, you’ll be paid upfront by a funding firm ahead of your expected payout.
Other Things to Consider
Remember to itemize your expected expenses and commissions before taking any pre-settlement offer. You’ll still be required to pay these, even if you no longer have to wait for the settlement to payout.
Working with your doctors can help you to reduce the amount of money you owe them, so be sure to ask your lawyer for advice on how you can maximize the settlement you receive.
It’s always a good idea to know what to expect during this process. Though you might be anticipating the settlement you’ve been awarded right away, depending on your situation, it can take a lot of time. That means you should manage your money accordingly!
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