When you finish negotiations and have a compensation offer on the table, it shouldn’t take long for a deal to be finalized and for you to receive your settlement. A Prince George’s County dog bite lawyer from our firm can tell you a bit more about when to expect your compensation and how it should be used.
Should I Receive a Settlement Right Away?
You won’t receive your money right away, but you should receive it within a few days to a few weeks. There’s still some paperwork to be done, but insurers are usually encouraged to pay out compensation quickly once a settlement has been reached. These companies don’t want to be accused of delaying the process.
If you were awarded a lump sum, you should receive the full amount soon after the case is settled. If you opted to receive multiple payments over time, that first payment should arrive within a few days or a few weeks at most. Then your structured settlement plan will continue to play out as agreed.
Why Shouldn’t I Just Take the First Settlement Offer I Recieve?
You may be thinking that you can receive your settlement quickly if you just take the first offer extended to you. Are all of these negotiations really necessary? They are, and we’ll tell you why.
This first settlement offer is the insurer’s effort to get out of this situation for as little money as possible. They are not concerned about your expenses or the extent of your injuries. They want you to accept so that they can move on.
The problem is that if you accept, you are going to be signing paperwork that says you no longer have a claim to make against the insurer and their insured. So if you settle early and find out that you have more expenses than you thought, you are out of luck. You cannot go back and sue again.
Can Anyone Take Money Out of My Settlement Before I Get It?
One thing that can delay your settlement is someone trying to take money out of it before it reaches you. Someone can place a lien on the settlement if you owe them money. In most cases, this is a medical services provider or an insurer that pays for some of your healthcare expenses. Once you have received compensation, these parties can try to recoup some of their expenses.
Your lawyer can explain why there’s a lien on a settlement. They can also help you address liens that should not be there or negotiate to make them smaller. This is why it’s a good idea to have a lawyer on your side, even after a settlement has been reached.
Schedule a Case Consultation
So if you have been injured in an accident, act quickly and take legal action. The sooner you contact McCarthy, Winkelman & Mester, L.L.P., the sooner we can get to work for you. Schedule your consultation today.
