If you recently settled a personal injury case, you may be wondering how long it will take to receive your settlement. Your bills may be piling up, or you may be delaying medical treatment or surgery until you receive payment.
Questions About the Factual and Legal Matters of the Case
First, the accident’s cause must be established. If liability is difficult to establish, the defence attorneys may offer a low settlement, and additional expert testimony (such as a doctor’s report) may be required. This testimony may be used to increase the amount of your settlement offer.
Did You Include Pain and Suffering?
Pain and suffering is a type of non-economic damages to which you may be entitled. It refers to the mental and emotional anguish you endured in addition to the physical pain caused by your injuries.
Due to the inability to assign a dollar value to these losses, quantifying them can be difficult. Therefore, a multiplier is frequently employed. This is a sliding scale based on the seriousness of the accident and the amount of your economic damages.
Has Your Medical Condition Improved?
When the plaintiff reaches their maximum medical improvement, nearly all personal injury claims are processed (MMI). This may occur after you have completed physical therapy, rehabilitation, or all of your surgeries.
Typically, your personal injury attorney will wait until all of your medical treatment is complete to obtain a clearer picture of your economic damages and to ensure that your injury settlement is sufficient to cover your medical expenses.
If you settle your case prior to completing treatment, you forfeit the chance to receive additional compensation. For instance, if you settle the case while your leg is still in a cast, and your doctor discovers that you will require surgery after he removes the cast, you cannot sue for additional damages to cover the surgery; you must pay for it yourself.
Is the Settlement Amount a Larger Sum?
Without a thorough investigation, the defendant’s insurance company will not simply issue a six- or seven-figure settlement check. When the settlement amount exceeds six figures, the review process can take significantly longer than when the amount is smaller.
What Happens After You Sign a Settlement Release?
After signing the release, the document is sent to the defendant’s insurance company. They will then process the claim after reviewing it and the agreement. Again, if the quantity is larger than usual, the review process will take longer. After processing the claim, they issue a check to your personal injury attorney.
The attorney then deposits the funds into an escrow account. They deduct your legal fees and any other claim, such as medical liens or other associated fees, from your settlement. If you took out a loan against the settlement to help pay your bills while the case was pending, the settlement funds would also be used to repay the loan.
After all fees have been deducted from the settlement, your attorney will mail you a check for the remaining balance, along with an itemised list of all deductions.
Contact Our Personal Injury Law Firm
Contact Abrams Law Group for a free consultation if you’ve been hurt in an accident and require legal assistance.