When you reach a settlement after a personal injury claim, one of the first questions on your mind is probably “How long will it take to receive my money?” While the specific timeline can vary depending on the nature of the case and the terms of the settlement, understanding the general timeframe can help you set realistic expectations and prepare you for the aftermath of the settlement process. Work with a Pikeville, KY personal injury lawyer to ensure you have competent representation during the settlement process.
What is a Settlement?
A settlement is a formal agreement between parties in a legal dispute to resolve the issue without going to trial. In a personal injury case, the settlement is generally offered by the liable party’s insurance company to the victim. The insurer pays an agreed-upon amount to the injured party in exchange for them dropping all legal action.
How Long After the Settlement is Reached Will I Receive My Money?
In most cases, settlement funds are paid out within 3 to 6 weeks after the settlement is finalized. Although this is standard, payments may wind up taking several months if certain factors are present and result in delays.
What Factors Impact the Settlement Timeline?
Some individuals will receive their settlement check in under a month, while others may be forced to wait additional weeks or months. But why?
The time it takes to receive your settlement money can be influenced by several factors including the following.
- Disbursement terms: Settlements can generally be paid all at once in a lump sum, or with a payment schedule. Depending on certain factors the terms of payment can impact how long it takes.
- Payment method: The way that you are to receive your payments can also affect timing. Payments can be made with a check, direct deposit, etc. Each method can have its own processing time, impacting how long it takes for you to receive your money.
- Court approval: In some cases, court approval may be required before the settlement can be paid. This most commonly happens with situations involving a minor or ones with very large settlement amounts. This process can add time.
- Claims or liens: There may be outstanding claims or liens that must be settled before you can receive the rest of your money. These issues can delay the process.
- Administrative delays: There could be delays at any step of the way. There is a lot of legal and paperwork involved and delays are often out of your control.
While you wait for your settlement money you should stay in communication with your attorney to ensure that you receive updates about the status of your payment. Keep an open line of communication and prepare yourself financially to begin paying off medical bills, living expenses, etc. Contact an experienced attorney for legal counsel and advice during this time.
