Personal injury settlements are paid to the victim once an insurance claim is agreed upon or a lawsuit is settled. Depending on the situation, you can receive your payment within days or weeks. Though there are a few additional steps in this process, we always aim to help our clients receive their personal injury settlement as soon as possible.
If you are the victim, arrange a free consultation with our Atlanta personal injury attorney at Rafi Law Firm. We focus on offering skilled hands-on support to ensure you get a fair level of compensation as quickly after your case as possible.
What can you expect from personal injury settlement payouts?
One of the most important components of the legal proceeding is determining how the settlement is paid out. There are two key structures commonly used – lump sum and structured settlements.
Lump sum settlements
In this method, the entire amount owed is paid once in a check written to you (or an electronic transaction). Most of the time, personal injury settlements are paid in this manner.
Structured settlements
In situations with large payments, funds are typically paid over time. Sometimes, victims prefer this method because it allows them to continue to receive a portion of what is owed over time. This type of method is common in cases involving children using a trust.
Once a decision is made on how the funds will be paid, the next step is signing the settlement documents. This includes signing a document that releases the other party from liability. For example, it may include statements such as:
- The at-fault party and their insurance company are not responsible for further or future liability from the incident.
- The at-fault party and their insurance company are not admitting fault by paying damages.
- The at-fault party and the insurance company are released from any legal claim, meaning you cannot pursue further compensation or damages.
Some cases are more complex and include several additional agreements. Make sure you read the entire document before signing it, as it includes all rights and obligations of all parties, the protection of confidential or sensitive information, how disputes are resolved, and any legal issues yet to be settled. Your personal injury attorney in Atlanta can help you review the document as part of this process.
How are settlements paid out?
After all agreements are signed, the insurance company will send the settlement check. However, this does not always go to you, the victim, first. Instead, it typically will move through the following processes:
- The insurance company signs the check and sends it to your attorney’s office.
- The attorney deposits the funds into an escrow account.
- All legal fees for the attorney are paid. This includes all accident reconstructionist costs, filing fees, and expert witness fees.
- All liens for medical bills or other outstanding liens you have are then paid from the funds
- The remaining funds are then sent to you.
This process could take days, weeks, or months, depending on how the insurance company moves and any concerns related to the legal proceedings.
Allow our personal injury attorneys to guide you
After an accident or other event that leaves you injured, you must pursue full and fair compensation for your losses. Understanding all aspects of your case and the legal process can be confusing while trying to heal. Our Atlanta personal injury attorneys can educate you so you know what to expect and when you will receive a settlement.
Set up a free consultation with Rafi Law Firm by calling (404) 800-9933 now to learn more about how we could help you get paid sooner.