How long does it take to get paid after a settlement? This is a common question asked by plaintiffs in civil cases. The case its self may take years, and you are waiting on that money to pay medical or houshold bills.
The answer depends on the case and the settlement size.
Read on to learn about the post-settlement process so you have a better understanding of when you will receive your settlement funds.
How Long Does It Take to Get Paid After a Settlement?
Depending on your case, it can take from 1 – 6 weeks to receive your money after your case has been settled. This is due to many factors but below outlines the basic process.
If you have been awarded a large sum, it may come in the form of periodic payments. These periodic payments are called a structured settlement.
If you have a structured settlement but would like more of your money now, read up on sell structured settlement details to see if this is the right path for you.
After the Agreement Is Signed
While an agreement may have been made, the insurance company will not issue a check until the legal paperwork has been signed. It may take some time to ensure all the legal paperwork is signed and appropriately filed.
This process protects you in the event that there is an issue in the future.
The Bills Are Paid
After a settlement has been reached, your attorney will pay any outstanding medical or automobile bills. This process can be sped up if your attorney has all the most current bills.
The Attorney and Court Fees Are Paid
After all other fees are paid, then the remainder of the funds will go to you. Common court fees are for filing of settlements, fees to force witnesses to appear, and other court expenses.
Other Possible Delays
Keep in mind, even after you get a check, there can be delays in being able to access the money. Typically if checks are received after a certain time of day or day of the week, they will be processed on the next business day. Weekends and holidays can delay check processing.
If you receive a large sum of money at once, your bank may hold some of the money for 3-9 business days. This helps to ensure that the money that is deposited comes from legitimate sources.
At the end of a long case, the last thing you want to hear is that it will take longer to receive your funds. Rest assured your attorney will be working diligently to ensure that you get the money you are entitled to as quickly as possible.
Do You Need a Lawyer?
It doesn’t matter if your question is “how long does it take to get paid after a settlement” or “can I keep this in my divorce”, we can help you find the right lawyer to answer your questions.
There are a lot of lawyers out there, it is great to have one place to look to find them all. Our directory contains the lawyers in your area as well as their specialty area.