So you have filed your personal injury claim, and you have reached a settlement agreement. This is a huge accomplishment, and now you must be wondering, “Where is my money?” Many clients think once the papers or settlement is reached that the money is instantaneous. Unfortunately, there is a turnaround time to receive settlement money that can occasionally take a month or more. Here is a bit of information on why it can take awhile to get your compensation.
Time for Party to Get the Funds Together
If you have received a larger amount of money for your settlement, it will take time for a business or insurance company to be able to cut the check. They may have to follow specific approval processes to be able to move the money to your client account. In your settlement that you and the other party sign, they will state a deadline for transferring your settlement to your client account. You may also need to take processing times into account.
Attorney’s Fees & Costs
Once you receive the funds into your client account, you will need to talk to your attorney regarding what you owe for attorney’s fees and costs relating to your case. Those will be given to you in a line-itemized invoice. Make sure to talk to your attorney if you have any questions about their fees or cost items. After you agree to the charges, your attorney will be able to provide you with your settlement check.
Talk to Your Attorney
This is a very general overview on how the settlement process is handled but your specific timeline may look different. If you have specific questions about the turnaround time to receive your settlement money, talk to your attorney.