Anderson Injury Lawyers | May 19, 2023 | Personal Injury
A personal injury settlement check represents the amount of money you receive to settle a disputed injury claim. Personal injury settlement checks include compensation for your economic and non-economic damages.
A personal injury claim could arise from an injury caused by medical malpractice, defective products (product liability), car accidents, slip and fall accidents, or many other incidents involving negligence and intentional torts.
If you have accepted a settlement offer for your personal injury case, you might wonder how long it will take to receive your check. It is a common question many of our Dallas accident victims ask.
The answer to your question depends on the facts of your case, as explained below.
How Long After Settlement Do I Get Paid in a Dallas Personal Injury Case?
After you agree to a settlement offer, several steps must occur before you can receive a personal injury settlement check.
Sign a Settlement Agreement
The insurance company for the other party requires that you sign a release of all claims before it pays the settlement amount. The settlement agreement outlines the terms of the settlement, including how much you will receive to release your claim.
Typically, the settlement agreement does not admit fault for causing your injury. Instead, the agreement states the parties do not admit fault but agree to resolve the dispute for the amount specified. In return for payment, you agree not to pursue any further action for your claim.
A Settlement Check Is Sent to Your Lawyer
When the insurance company receives the signed agreement, it issues a check payable to you and your attorney. Texas law requires an insurance company to pay within five business days of agreeing to pay the claim.
However, the payment can be conditioned upon receipt of a signed settlement agreement that is acceptable to the insurance company. Typically, settlement checks are sent to attorney’s offices promptly after the settlement agreement is signed and received by the insurer.
Your Attorney Disburses the Settlement Check
Your attorney deposits the check into an escrow account. The escrow account holds the funds until they clear the bank.
Before your attorney can issue a settlement check to you, they must deduct the contingency fees and costs you discussed when you hired the law firm. Also, the attorney must pay outstanding medical liens and subrogation claims from the proceeds.
Once all amounts are paid, you will receive your settlement check with a detailed accounting of all amounts deducted from the funds.
Factors Affecting How Long It Takes to Settle a Personal Injury Case in Dallas, TX
Each personal injury case is unique. Therefore, there is no set timeline or average time you can expect to receive a personal injury settlement. Instead, the facts and circumstances in your case determine how quickly you can settle a claim.
Common factors that lengthen the timeline for a personal injury case include, but are not limited to:
- The duration of your recovery. You do not want to settle a personal injury claim until you reach maximum medical improvement.
- The type and severity of your injuries. Cases involving permanent impairments take longer to settle.
- The type of personal injury case. Complicated cases can take longer to settle because of the issues and parties involved, such as medical malpractice, product liability, and government tort claims.
- The willingness of the insurance company to settle the claim.
- The strength of your evidence proving fault and whether liability is disputed.
- Whether your attorney must file a personal injury lawsuit and take the case to trial.
Many factors can impact how long it takes to receive money in a personal injury case. While you want a settlement check as soon as possible, rushing to settle could result in receiving a much lower amount than your case is worth.
Therefore, patience is crucial in a personal injury case. Being patient and working with your lawyer could result in a much larger personal injury settlement.
The thing to remember is that your attorney is working on a contingency fee. Therefore, they want to settle your case quickly too. However, they are doing what is in your best interests to put as much money in your pocket as possible.
An Experienced Dallas Personal Injury Lawyer Can Address Concerns About Settlements and Personal Injury Lawsuits
If you have questions about how long lawsuits take to settle or other matters related to your case, talk with a Dallas personal injury attorney. The best way to protect your right to a fair settlement is to seek legal advice as soon as possible after an injury or accident.