How Long Does it Take to Get Your Personal Injury Settlement?
When an individual suffers injuries that are caused by another person’s reckless or negligent actions, they have the right to file a claim to pursue compensation for damages. While some personal injury cases are settled in court, many reach a settlement prior to trial.
Often, injury victims are anxious to get their settlement check, so that medical bills can be paid, and so that they have access to any remaining funds. Personal injury lawyers at Chanfrau & Chanfrau are often asked by their Daytona Beach, FL, and Palm Coast, FL, clients how long it takes to get a personal injury settlement. Here we discuss the settlement process, including the average amount of time it takes to receive a settlement check.
Settlement Negotiations
Once a personal injury claim is filed, lawyers for the plaintiff and defendant are allowed time to gather evidence and build their case. During this pre-trial phase, lawyers also have the opportunity to attempt to reach a settlement. A settlement is monetary compensation paid to the plaintiff to prevent the case from going to trial.
Settlement negotiations often begin with a demand letter being sent from the plaintiff to the defendant. The letter should contain information regarding the amount of damages incurred by the plaintiff, the amount of settlement they are requesting, and any evidence to support their claim. After a demand letter is received the defendant can send a counter settlement offer.
Lawyers from each side can continue to negotiate back and forth until an acceptable settlement has been reached. Settlement negotiations often take at least one to three months, though they can last much longer, depending on the complexity of the case.
What Happens After a Settlement Is Reached?
Plaintiffs should not expect to receive a check as soon as a settlement is reached. There is a process that must first be followed. The agreed upon settlement is signed by both parties and then forwarded to the defendant’s insurance company. Once the insurance company closes the claim, they send a check to the plaintiff’s attorney.
The attorney places the settlement funds into an escrow account. If there are any liens against the settlement (i.e., medical bills), those are paid directly from the escrow account. Attorney’s fees are also deducted directly from the settlement amount. Once all liens and attorney’s fees have been paid, a final check is sent to the plaintiff.
Getting a Check After a Settlement Is Reached
After a settlement agreement is signed and funds are settled it can still take some time for the plaintiff to receive a check for remaining funds. The amount of time it takes to have a check in hand can vary, but usually funds are received within two to six weeks.
Contact Our Practice
If you have suffered physical, emotional, and/or financial damages as the result of an accident that was caused by another person’s reckless or negligent actions, the Daytona Beach personal injury lawyers from Chanfrau & Chanfrau can help you pursue appropriate compensation for your losses. To schedule a consultation at our law firm, send us a message online or call (386) 258-7313.