How Long Does it Take to Get My Personal Injury Settlement?

There are numerous administrative issues in the personal injury claims and settlement process that you need to understand. For legal advice and advocacy, trust the experienced Atlanta personal injury lawyers at Hall & Lampros, LLP.

There should not be too much time between reaching a settlement agreement and actually getting the money into your account. However, you have already likely had to wait a considerable amount of time to reach this point, and it will be just a little bit longer until you can get your money. Some administrative and financial matters need to be handled first.

Call Hall & Lampros today to explore whether you have a potential personal injury claim and what you need to do to be paid for your injuries. Our attorneys are standing by and ready to help you.

There Are Steps Between an Agreement and Your Payment

You have gone through what may have been a lengthy legal process before your lawyer finally got the insurance company to agree to a settlement amount that fairly pays you. Because the process was so lengthy, your finances may have been stretched. Now, you are wondering how long it will take for the money to hit your account after the agreement. The answer is “not too long,” but there are several steps that need to happen first.

After you have reached an agreement in principle, you would need to sign an actual settlement agreement, which becomes a contract between you and the insurance company. You agree to give up your legal right to further compensation in exchange for the settlement check they are paying you. First, your personal injury law firm and the insurance company need to agree on the actual language of the contract. You may also need to decide whether you want to take your settlement in a lump sum or as part of a structured settlement agreement. Your attorney could help put you in touch with professionals who can give you sound financial advice and help you prepare for receiving a large amount of money.

Once you have the signed settlement agreement, the insurance company would need to go through its own internal processes before they can actually pay you the money. They would need internal approvals to write the check or transfer the money. The insurance company cannot take too long to complete this process because they could face liability of their own if they delay the process too much.

Your Attorney Must Make Sure That Others Are Paid Too

Once the insurance company transfers the money, it would be deposited into your attorney’s escrow account. Here, your attorney would need to distribute some of the proceeds of your settlement to those who have a claim or lien against it. For example, your health insurance company and medical providers may have a lien to be reimbursed their costs or what they are due for services. You may be responsible for paying certain expenses related to the litigation, depending on the language of your representation agreement with the attorney.

Then, your attorney would also deduct their own portion of your settlement agreement. They have worked for you on a contingency basis, meaning that they became eligible to be paid themselves once you won your case by receiving a settlement. They may be entitled to a higher percentage of the award if they took your case to a jury and won.

Your actual pay date only comes after all the expenses are paid, and all the administrative matters are handled. Once your attorney has completed everything, it may only be days until the transfer of money hits your account. Nonetheless, you should be as patient as possible when knowing that you may be due a large sum of money.

All in all, it is hard to give you an exact timeframe as to when you can expect to see the money in your account. As with most things in the personal injury claims process, much depends on the insurance company and how quick and diligent it is about handling its end of business. While the transfer of money is never instantaneous, it should happen sooner rather than later.

Contact an Atlanta Personal Injury Attorney Today

Touch base with the dedicated Atlanta personal injury law firm Hall & Lampros to learn more about your legal rights and whether you may be due financial compensation after your accident. We offer free consultations to prospective clients, and you never pay us anything at all if you do not win. You can speak to an attorney by sending us a message through our website or by calling us today at 404-876-8100.