How Long Does It Take To Get a Personal Injury Settlement Check in San Antonio, Texas?
July 5, 2023 | Personal Injury
It might seem like an eternity has passed since you were injured in a personal injury incident. Let’s say your San Antonio personal injury lawyer just called to tell you that the other party agreed to your settlement terms for your car accident case.
Now you probably wonder, how long after settlement do I get my money? We understand your urgency. Some of the most common questions we answer are:
- How long does a lawsuit take to settle?
- How long after a settlement do I get paid?
- Can I track my settlement check?
Our San Antonio personal injury attorneys diligently work to settle personal injury cases as quickly as possible. We know our clients need those funds to get their lives back on track after an accident or personal injury.
However, every personal injury case is unique. Many factors impact the timeline for getting a personal injury settlement check in San Antonio, Texas. Before we explain the process, it helps to understand the factors that could delay settlement.
Factors That Impact How Long It Takes To Get a Personal Injury Settlement Check in San Antonio
All of the factors below might not apply in your case. Likewise, there could be other factors that are unique to your circumstances. However, common factors that affect the timeline for settling a personal injury claim include the following:
- The parties involved in the case and the willingness of the insurance company to agree to a fair settlement.
- The length of your recovery period. We do not want to settle your case until you finish medical treatment because you could have sustained permanent injuries.
- The type and severity of your injuries and whether you sustained a life-long impairment. Catastrophic injury cases take longer to settle.
- The type of personal injury case. Some cases are more complex, so they take longer to settle.
- The strength of the evidence proving fault and whether contributory fault is an issue.
If we file a personal injury lawsuit, it could add another year to the timeline for settlement or going to trial. Therefore, we try to settle cases to put money in your pocket as quickly as possible.
However, we do not want to rush to settle a personal injury case. Rushing to settle a personal injury claim before the case is ready could result in a much lower settlement amount for you.
When Will I Receive My Personal Injury Settlement Check After I Agree to a Settlement?
Once you agree to a settlement of your personal injury case, we must take a few more steps before you receive a check. Those steps include:
Signing a Final Settlement Agreement
You must sign a final settlement agreement before the insurance company issues a check. As part of the agreement, you release all known and unknown parties from further liability for your claim. In other words, you give up your legal right to pursue claims related to the accident or injury.
The Check Must Clear the Bank
Insurance companies have five business days to pay a claim once the company agrees to a settlement. The time generally begins after the insurance company accepts the settlement agreement. Therefore, it could take several days or weeks for the company to issue the check after all parties agree to the settlement.
Once the attorney receives the check, they deposit it in the law firm’s escrow account. The lawyer cannot disburse any funds from the account until the check clears, which could take several days.
Payment of Liens and Fees
Your attorney has a duty to pay medical liens, outstanding medical bills, and subrogation claims. The parties are not required to negotiate a lower amount to pay the debt. However, experienced San Antonio personal injury lawyers work to negotiate the liens to put as much money in your pocket as possible.
After the liens are paid, the lawyer deducts the contingency fee from the funds and reimburses the law firm for costs according to the retainer agreement you signed. The lawyer also prepares a final accounting detailing all payments from the settlement funds.
Receipt of Net Settlement Check by Client
Most personal injury law firms schedule an appointment for the client and the attorney to meet. They review the final accounting, and the attorney answers any questions or concerns the client might express.
There could be a few more documents to sign, and the attorney gives the client a check for the net settlement proceeds. The amount should not be a shock because skilled lawyers keep their clients informed throughout the process so they know what to expect for settlement.
An Experienced Personal Injury Attorney Can Protect Your Legal Rights
Remember, you can meet with a San Antonio personal injury lawyer for a free consultation to discuss your questions about settling a personal injury case. During that time, the attorney can review your situation and offer preliminary legal advice.