Sean Lopez | August 31, 2022 | Personal Injury
How Long Does it Take to Get A Personal Injury Settlement Check in St. Petersburg, FL?
It usually takes three to six weeks after the opposing party (usually an insurance company) signs the settlement agreement for you to receive your personal injury settlement check. Nevertheless, this is just an average. Various factors can add to or subtract from the time it takes you to receive your compensation. In addition, it can take several months to reach a settlement and work out the exact terms of the agreement.
Factors That Delay Payment of a Settlement
Even after you have a signed settlement agreement, several factors can delay your compensation payment.
The process typically works like this:
- The insurance company reviews the settlement agreement, signs it, and has you sign it.
- The insurance company issues your lawyer a check for the gross settlement amount.
- Your lawyer deposits the check into their escrow account.
- Your lawyer pays any outstanding amounts to the appropriate parties (e.g., the lawyer’s legal fee and medical liens, if applicable).
- The lawyer sends you whatever amount remains.
The following is a list of some obstacles that can delay your payment.
The Content of the Settlement Agreement
Both parties must sign a settlement agreement. The opposing party will insist that it contain a clause releasing them of any further liability for the incident that led to your claim. They will almost certainly insist that the release applies to injuries and claims you might not even know you have. They will not pay compensation until you sign such a release.
Bureaucratic red tape can delay the issuance of a settlement check by several weeks. You’re dealing with two intermediaries here: the insurance company and your lawyer. Insurance companies are famous for delays. Your lawyer might move faster; however, many things can delay the processing time, depending on the circumstances.
Deduction of Case Expenses
Your lawyer may have paid case expenses on your behalf, especially if you lack the financial means to pay them yourself.
These expenses could include:
- Court fees
- Expert witness fees
- Consulting fees
- Copying expenses
- Other expenses that your lawyer paid to third parties concerning your case
Most personal injury lawyers will not ask you to pay these fees unless they win your case.
Payment of Any Medical Liens
If you could not pay your medical bills as they came due, your healthcare provider may have demanded that you grant them a medical lien on your future lawsuit compensation. The effect of a medical lien is that your healthcare provider has the right to deduct any unpaid medical expenses from your settlement before you receive any compensation. Your lawyer will handle the payment of the lien.
Deduction of Legal Fees
Most personal injury lawyers charge a contingency fee – they take a pre-agreed percentage of your compensation as their legal fee. This amount is usually between 33% and 40% of your awarded damages.
Your lawyer will deduct this amount from your compensation before you receive any money. Fortunately, since any percentage of zero is still zero, if your lawyer fails to win you any money, your legal fee will be zero.
Schedule a Free Initial Consultation With a Personal Injury Lawyer to Help You With a Settlement
If you were injured under circumstances that lead you to believe you might have a personal injury claim, now is the time to seek an experienced personal injury lawyer to evaluate your claim. Most personal injury lawyers will be happy to schedule a free initial consultation where they’ll attempt to determine how much your claim is worth.
On the other hand, you may have already finalized a settlement agreement, and the insurance company (or whoever is responsible for paying your claim) is balking at issuing a settlement check. You might be wondering, “How do I track my settlement check?” At that point, you may need a lawyer to file a claim against the insurance company for enforcement of your settlement agreement.
Contact Our Personal Injury Law Firm – Lopez Law Group Accident Injury Attorneys
Contact a St. Petersburg personal injury lawyer at Lopez Law Group Accident Injury Attorneys and schedule a free case review today.
Lopez Law Group Accident Injury Attorneys
700 7th Ave N Suite B
St. Petersburg, FL 33701