If you’re involved in an accident and receive a settlement, the first thing you want to know after you’ve been notified of the settlement is, “when will I get my check?” Your New Mexico accident attorney should be able to give you an idea of when your money will arrive after a settlement.
There is no set time frame for when your settlement check will arrive. A number of factors can impact your settlement. Even though it might take a while to get your settlement, the attorneys at Lerner & Rowe will help you get the biggest settlement possible.
Whether you have a case at Lerner & Rowe or are curious about the process, here’s some information about what to expect after a settlement and how long it will take to get money after a settlement.
Finalizing a Settlement
Once a settlement has been agreed upon by all parties, there are a few things you and your attorney will need to do before receiving your money. The experienced attorneys at Lerner & Rowe will make sure your settlement is fair and will work with the insurance company and the defendant’s attorneys to get you the money you deserve.
Here’s what you can expect after finalizing your settlement.
- Signing a Release: Before you receive a settlement check, the insurance company requires you to sign a release. Do not sign a release until an accident attorney has viewed it to protect your legal rights. Your lawyer may discuss the conditions of the release with the insurance company, depending on how complicated it is.
- Pay Any Medical Bills or Other Debts: After an attorney has reviewed the release and any changes have been made, money obtained from the settlement will be deposited into a trust or escrow account by your attorney. If there are any unpaid debts, such as medical bills, court/attorney fees, health insurance fees, or any other related bills, they will be paid from this account.
- You Get a Check: After any unpaid bills have been paid, you will receive a check for the remaining balance of the settlement.
Damages
In a personal injury lawsuit, you will be awarded damages or compensation as a part of the settlement. Besides wondering how long it will take to get your money after a settlement, another common question is how much will I get? Also, what types of damages or payments will I get?
Deciding the settlement amount and what damages need to be paid is a daunting task. Luckily, our personal injury attorneys can do just that. The total amount of the settlement depends on the severity of injuries sustained, amount of damage to property, and insurance policy limits.
In a settlement, there are three types of damages you might be entitled to. The types of damages awarded in a personal injury lawsuit: economic, non-economic, and punitive.
Economic or Compensatory Damages
This includes financial losses as a result of your suit. Economic damages paid might include the following:
- Property damage or loss
- Medical expenses
- Lost wages
- Property repair costs
- Future medical expenses
- Future lost wages/employment
Non-Economic Damages
These damages are harder to calculate and relate to the mental toll of the suit. Non-economic damages might include:
- Pain and suffering
- Loss of enjoyment of life
- Mental/emotional distress
- Wrongful death
Punitive Damages
Receiving punitive damages is less common than both economic and non-economic damages. Punitive damages must be paid by the defendant as a punishment for criminal or reckless behavior that resulted in an accident. Punitive damages are only awarded if your attorney can prove the defendant acted in recklessly or committed a criminal act.
Types of Settlements
When a settlement is awarded in a personal injury lawsuit, you will either receive a lump sum or a structured settlement. Whatever settlement type you choose will get you the entire settlement amount. A structured settlement is a series of payments made on a regular basis for a set amount of time until the entire settlement amount is paid. In a lump sum settlement, the payer must pay the whole amount of the settlement in one installment.
How We Can Help You Get a Settlement
No matter how long it takes to get your settlement, the Albuquerque accident attorneys at Lerner & Rowe will make sure you get the best settlement possible in a timely manner. When you choose Lerner & Rowe to represent you after an accident, our skilled attorneys will keep you updated on the case and support you every step of the way until you get your settlement.
If you’ve been injured in an accident and need help dealing with insurance to obtain a settlement, contact us today! Call us at 505-544-4444 below 24/7, chat with a LiveChat representative, or complete this secure contact form.
The information on this blog is for general information purposes only. Nothing herein should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.