Now that your case has been won or you have managed to settle out of court, your settlement check is the next step. You have medical bills coming in and you haven’t been able to work since the accident, so having the money is going to help in so many ways.
Knowing the process of the personal injury settlement check will not only put you at ease but you will understand why you don’t have access to the check immediately following your trial, as per personal injury lawyer in Vaughan.
Step 1: Signing the release form
When everyone involved, including all injury lawyers and insurance companies, have reached an agreement to the settlement amount, it will then be time to put your sign on the papers. You will have a few different papers to sign so be prepared to sit patiently and wait until it is complete. The release form that you sign will confirm the amount you agreed upon and the party at fault or the insurance company is then released of any future damages or liability.
Step 2: The Insurance Company Approves the Check
The release that has been signed will go the defendant’s insurer and they will write the amount on the check for the final settlement. This settlement check will be sent to you and your injury lawyer. Once signed, the check will be sent to your law firm.
Step 3: Your injury lawyer will deposit the check
The settlement amount is now at your attorney’s office and now must get ready to be deposited. However, there are still a couple of more steps to take before it gets to you.
Step 4: Negotiate a deal for medical treatment costs and other debts
Owing portions of the settlement to third parties, like medical providers, is a common thing when a settlement is being requested. In some cases, liens are placed against your home or property until the debts are settled. Your lawyer will call these debtors up and try to settle for a lower rate in order to help you in the long run retain more of your money. Once liens are agreed upon, the lien holders are paid using the settlement funds. This back and forth with your lawyers and the lien holders can take some time before an agreement can be reached.
Step 5: You finally get the money
Once all loans and liens are paid in full, expenses are deducted, and lawyer’s fees have been paid, you need to meet with your lawyer to end your case. They will then go over the settlement packet that contains your release copy and all expenses that have been paid. You will review the documents inside your packet and then sign your final papers. Once you sign the papers, you will receive your check.
Can the Process be Sped up?
In some cases, there are a few things that can be done to fasten up the procedure, such as:
• Submit all documents as quickly as possible so the insurance company has what they need to write the check
• Draft a release form as soon as it is made clear how much the settlement will be so you are ready