J. Cogburn Car Accident and Personal Injury Lawyers | July 18, 2024 | Personal Injury
Recovering fair compensation in a personal injury case can be a time-consuming process. It may take months or years to finally reach a settlement agreement, especially if your case is complex or involves substantial damages. As you finally near the end of a very difficult journey, you are probably anxious to receive your settlement check and move on with your life.
Here’s what you should know about the timeline after signing a settlement agreement and the role of your Henderson personal injury lawyer.
How Long Might It Take To Get a Personal Injury Settlement Check?
It usually takes about six weeks to receive your settlement check after signing the settlement agreement. It may take more or less time depending on the complexity of your case, the number of outstanding liens, the insurance company, and other factors.
The Steps Involved in Processing a Personal Injury Settlement in Nevada
Here are the steps that must be completed before you receive your final settlement check.
#1. Signing a Settlement Agreement
Once both parties agree on a settlement amount, the terms are documented in a formal agreement. This document must be signed by all involved parties. This agreement is a legally binding contract that prevents you from seeking additional compensation later for your injuries.
Your lawyer will advise you when a settlement offer is fair after assessing your claim. They will also review the terms of the agreement with you.
#2. Processing and Review
After the settlement agreement is signed, it’s sent to the insurance company for processing. This stage generally takes two to three weeks, as the insurer needs to ensure that all legal requirements are met.
After processing is complete, the insurer will issue the settlement check.
#3. The Check Is Sent To Your Lawyer
Once processing is completed, the insurance company will close your claim and forward the check to your attorney. The check will be deposited into a special escrow account. The funds are held in trust until the deposited check clears.
#4. Liens or Claims Against Your Settlement Are Paid Out
Before disbursing your portion of the settlement, your attorney has a duty to pay off outstanding liens or claims against your settlement. If these liens are not paid, creditors can file a lawsuit against you later to recover the money they are owed.
It’s common for personal injury settlements to have liens such as:
- Medical liens from hospitals and healthcare providers for treatment that was provided
- Health insurance liens if you used your health insurance to cover your medical costs
- Medicare or Medicaid liens
The type and number of liens against your settlement can affect how long it takes for you to receive your check. In most cases, this step takes one to two weeks.
#5. Legal Fees Are Deducted
Generally, attorney’s fees and other expenses are deducted after liens. Your agreement with your lawyer should detail the legal fees and payment schedule. Common legal fees that may be deducted from your settlement include filing fees, expert witness fees, and document fees.
#6. You Receive a Check For the Remaining Amount
Finally, when all liens and legal costs are paid out, the law firm will cut a new check made out to you. Your lawyer has a duty to disperse your settlement funds within a reasonable amount of time, but this depends on the circumstances. If you have not received your settlement proceeds within six weeks, it’s a good idea to contact your lawyer for an update.
Contact the Las Vegas Personal Injury Lawyers from J. Cogburn Car Accidents and Personal Injury Lawyers Can Help You Navigate the Settlement Process
We understand how stressful waiting for the settlement check you are counting on is. We will keep you informed throughout the settlement process and make sure you know what to expect at every step of your claim.
For more information, please contact our Las Vegas Personal Injury attorneys at J. Cogburn Car Accidents and Personal Injury Lawyers to schedule a free consultation today.
We proudly serve Clark County and throughout Nevada:
J. Cogburn Car Accident and Personal Injury Lawyers Las Vegas
2300 W Sahara Ave Suite 800-816, Las Vegas, NV 89102
(702) 996-4786
Open 24 hours
J. Cogburn Car Accident and Personal Injury Lawyers Henderson
2580 St Rose Pkwy Suite 330, Henderson, NV 89074
(702) 541-9766
Open 24 hours