After you accept a settlement for an accident in San Antonio, you might be waiting a few days or weeks to receive your personal injury settlement check. However, it may take months or years before you reach this point.
Steps Involved in the Settlement Process
Before you can receive a settlement check, your San Antonio personal injury claim may involve many steps, including the following:
- Reporting the accident: Your personal injury claim officially begins when you report the accident to the insurance company.
- Hiring a personal injury lawyer: You should retain legal representation as early as possible so your lawyer can protect your rights.
- Investigation: The insurance adjuster investigates the accident. Your personal injury attorney may conduct an independent investigation.
- Evidence gathering: Your lawyer may gather evidence such as traffic camera footage, witness statements, accident scene photos, and property damage reports to prove liability in the accident.
- Preparing a demand letter: Your car accident lawyer writes a demand letter, describing the accident, why the other driver was at fault, and the amount of money you will accept to settle your claim.
- Negotiations: The insurance company and your attorney may go back and forth through several rounds of negotiations before a settlement is reached.
A settlement will usually not occur until all of the above steps have been completed. In some cases, the insurance company may initially deny your claim, requiring your lawyer to file a lawsuit or perhaps engage in the formal evidence-gathering process called discovery before the insurance company resumes negotiations. This can increase the amount of time before you receive a settlement check.
After a Settlement Is Reached
Before you can receive a settlement check, your personal injury claim may involve many steps, including the following:
- Signing the settlement agreement: The initial settlement may have been verbal between your lawyer and the insurance company. This agreement will need to be formalized in writing. It will include a release of your claim against the insurance company and defendant, giving up your right to sue.
- Sending the check: The insurance company sends the check to your law firm’s office. It has five business days to pay a first-party claim after it agrees to a settlement under Texas law.
- Depositing the check into a trust account: Your attorney deposits the check into an Interest on Lawyers’ Trust Account or IOLTA in compliance with the rules of professional conduct that govern lawyers. The check remains in this account until it clears, which may take several days.
- Paying liens and fees: Your lawyer takes certain deductions from the settlement, such as medical liens, outstanding medical bills, and subrogation claims.
- Deducting attorney fees and legal costs: Your lawyer deducts their contingency fee from your payment, along with any outstanding legal costs.
After these steps are completed, you receive the net proceeds.
Contact George Salinas Injury Lawyers for a Free Case Review
An experienced personal injury lawyer can protect your legal rights. Contact George Salinas Injury Lawyers today for assistance through every step of your case.