The attorneys were able to reach an agreement during your personal injury case after months, or even years, of legal proceedings. It’s all over and your claim has now been legally settled. You’re finally ready to focus all of your attention on healing yourself and your recovery but the medical bills are piling up and leaving you unable to find a sense of peace.
You may be left wondering when exactly you’ll accrue your settlement payout and be able to rid yourself of those mounting debts. Unfortunately, the process is not as simple as sitting back and waiting for your check to arrive in the mail. You’ll have to complete just a couple more steps (and settle any setbacks that arise along the way) before you’ll be able to benefit from the payout.
What Needs to Happen Before Receiving a Settlement Check?
Before any checks can be written, the defendant’s insurance company will have you sign a release form to protect themselves from any additional lawsuits for the same accident. Your signature will state that you will no longer pursue them for any other damages relating to the incident in question.
Disbursement must also be approved at various levels within the insurance company, which can take a significant amount of time. Disbursement may need to be approved by representatives within the following departments:
- Claims supervision
- Regional claims
- Legal
- Accounting
In reality, it shouldn’t take more than a few days to issue a settlement check and mail it out to your lawyer, but insurance companies usually take much longer since they have an inherent incentive to keep the money for as long as possible. To discourage this, your attorney may be able to include a term in the settlement agreement that payout must be delivered within a certain timeframe.
When Can I Expect My Settlement to Be Fully Resolved?
If everything goes according to plan during the post-settlement process, obtaining your final payment should take between two and six weeks. During this time, your personal injury lawyer will:
- Receive the check in the mail
- Deposit the check into the attorney-client trust account
- Wait for the check to clear
- Settle any liens and unpaid debts, such as medical bills, vehicle repair bills, or other associated debts
- Pay any court costs or filing fees
- Pay themselves. Your attorney will issue him/herself the agreed-upon fee for your legal representation
- Give you your portion of the payment
Once everything is said and done, your attorney should be able to provide you with a breakdown of the disbursements to account for all settlement proceeds. If you experience any delays in receiving your settlement check, make sure to contact your lawyer.
Partner with a Respected New Mexico Personal Injury Firm
At Dominguez Law, our practice focuses on people. We fully dedicate our time to our clients’ well-being because we know how emotionally and physically challenging it can be to sustain an injury. Our tough litigation team has years of experience fighting for the rights of New Mexico residents and will ensure that you receive maximum recovery.
Attorney Paul M. Dominguez believes that you should never have to pay exorbitant medical bills for an accident that was not your fault. Determined to see you receive the justice that you deserve, Attorney Dominguez never wavers in the face of corporate or government power. Call (505) 317-9837 or complete our contact form to schedule a free consultation today.
