If you have reached a settlement after a personal injury accident, you are likely waiting for your check to arrive. You probably have medical bills that need to be paid, and you likely have other expenses related to your accident as well. You may be wondering, “How long after a settlement do I get paid?”
In most cases, you can expect to receive your settlement check about 4 to 6 weeks after signing the settlement release. However, several factors can affect this timeline. Keep reading to learn more about the settlement process and how long it may take for you to get paid.
How Do Personal Injury Settlements in Georgia Work?
The process of getting your check after a settlement is generally the same, regardless of whether you were injured in a car accident, bicycle accident, or medical malpractice accident. When you reach a settlement agreement, both sides agree to end the dispute according to the terms of the agreement. In personal injury cases, this typically means that the defendant will pay the victim some amount of compensation.
Once the agreement is reached, you will need to sign the settlement release. After the agreement has been signed, the following steps usually occur:
- The release is sent to the insurance company for processing.
- The insurance company issues a check to your attorney.
- Your attorney deposits the check into their trust or escrow account.
- Once the check clears, case expenses are paid.
- The attorney’s fees are deducted.
- Your lawyer issues you a check for the remainder of the balance.
There are no specific rules in Georgia about how quickly the insurance company must issue the check after receiving the signed release. However, most insurance companies process these in a timely manner. Typically, the insurance company issues most settlement checks 2 to 4 weeks after receiving the signed settlement release.
Why Has My Settlement Check Not Arrived?
It is understandable that you want to get your money as soon as possible after reaching a settlement in your personal injury case. Many injury victims wonder, “Can I track my settlement check?” Unfortunately, the answer is usually no. However, here are some reasons why your settlement check could take longer than usual.
Higher Than Average Settlement Amount
The amount of your settlement can impact the time it takes to receive your money. Larger settlements often take longer to process. The insurance company will want to make sure that all paperwork and documents are completely in order prior to issuing a large check. So, if your check is more than a few thousand dollars, it could take a little longer to process.
Insurance Company Check Issuance Schedule
Some insurance companies only issue checks on a specific schedule. If you just missed the cutoff, it could be several days before they issue checks again. So, the timing of their check schedule could impact how quickly you receive your check.
Bank Processing Times
Once your attorney deposits the check from the insurance company into their trust account, they must wait until the check clears to pay the case expenses and get you paid. Some banks may place longer holds on these checks than others, especially if the check is for a large amount. So, bank processing and hold times can directly impact how quickly you get paid.
Complexity of Your Case
Many injury victims want to know, “How long do lawsuits take to settle?” The answer usually depends on the complexity of the case and the severity of your injuries. Less complex cases may settle within a few weeks, while cases involving catastrophic injuries may take months to settle. More complex cases will take longer to settle, so you will have to wait longer to receive your settlement check.
How Can I Get My Settlement Check Quickly?
There are a few things you can do to ensure you get your settlement check as quickly as possible. First, make sure you keep your attorney informed of any changes to your contact information. If your address or phone number changes, notify your attorney right away.
Next, complete any required paperwork as soon as possible. If you need to sign and return a document to the insurance company, do it in a timely manner. Letting it sit for days will take more time to process your settlement.
Finally, get the help of a personal injury lawyer if you do not already have one. A lawyer can help ensure the insurance company does not take advantage of you with a low settlement offer, and they can help keep things moving when the time comes for a settlement.
