Ale Prado | March 21, 2023 | Personal Injury
The Process of Receiving a Settlement Check in St. Petersburg
If you’ve been injured in an accident and came to a settlement agreement before going to trial, you may expect when you’ll to receive your check from the insurance company. The process of receiving a settlement check can seem confusing, but it doesn’t have to be. Understanding what to expect will help ease your stress.
What Is a Settlement?
A legal settlement is an agreement between two parties – the injured party and the liable party – that resolves any disputes without requiring a trial. By signing this agreement, both parties are agreeing to settle outside of court, avoiding any further legal proceedings.
Process of Receiving a Personal Injury Settlement Check in St. Petersburg
Once you and your lawyer have reached a settlement with the defendant in a personal injury claim, certain steps must be taken before the defendant sends the money.
Sign Release Forms
A settlement is often the best solution for both parties after an injury. Before you can receive any money, a document setting out the terms of the agreement must be signed. It is essential to have a clear understanding of what you are agreeing to and its implications before signing. Most settlements will include the following points:
The Release of Liability
When you accept a personal injury settlement, the first thing you are agreeing to is the release of liability, meaning the defendant cannot be held liable for any additional injuries or losses related to your claim.
Even if new or additional damages arise after your settlement has been agreed upon, there will be no further compensation for those damages.
No Admission of Fault
Another important aspect of any personal injury settlement is generally that neither party admits fault for the incident. Even though the defendant or their insurance company pays out a claim, it does not mean they agree with your assessment of what happened or who was at fault. It simply means they have agreed that settling the case is the best choice.
Release From Other Claims
When signing a personal injury settlement, you must also release the defendant or their insurance company from any other related claims in connection with this specific incident, meaning you can no longer file another separate claim for damages related to this incident.
Insurance Company Sends a Check to Your Lawyer
Once all documents have been signed, they will send your lawyer a check for the amount of your settlement. When your lawyer receives this check, they will deposit it into an escrow account.
Once the check has cleared, your lawyer will take their portion and pay any liens associated with the case, such as past-due medical bills.
You Receive Your Portion
After all creditors and fees are paid, you’ll get whatever is left over after other expenses are taken out of your settlement money. Depending on what type of payment schedule was agreed upon between you and your attorney, this could be one lump sum or payments over time.
If you’re wondering, “how long can a lawyer hold your settlement check?” you shouldn’t worry too much. As soon as the check clears and they are able to pay themselves and other creditors, they will send your part to you.
What Are the Benefits of a Settlement?
The main benefit of settling out of court is that it saves both parties time and money by avoiding the courtroom process. Instead of paying for expert witnesses, court fees, and other expenses related to your claim, you can put more money in your pocket.
Another benefit of settling out of court is that it allows both parties to remain in control of the outcome. When parties agree to settle, they will draft the terms and conditions of the agreement as opposed to having a judge or jury dictate how the case concludes.
If you have any questions about the settlement check process or you’ve been injured and need legal assistance, we’re here to help. Contact Lopez Law Group Accident Injury Attorneys today to schedule a free consultation.
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