How Long After a Personal Injury Settlement Do I Get My Money?

Personal injury claims can take a long time to settle. By the time that a settlement is agreed upon, you are probably ready to receive your compensation and be done with the matter. The timeline for getting your money can vary based on several factors. If you are wondering how long it will take for you to get your money after a personal injury settlement, continue reading and speak with an experienced Memphis personal injury lawyer for skilled assistance.

What is the Settlement Process?

After a settlement is negotiated there are several steps before you receive your money. First, the settlement has to be finalized which involves signing a release form. The release form prevents you from pursuing further legal action related to the injury.

Once the form is signed it will be sent to the insurance company who will then process the payment. The time it takes to process can vary depending on the company’s procedures and the complexity of the situation.

How Long After a Settlement Will I Get My Money?

You can expect to receive your settlement within a few weeks to a few months. On average, payments are disbursed within 3 to 6 weeks of finalizing the settlement. However, several factors can influence this timeline and either expedite or delay the process.

1. Settlement amount: The amount of money you are receiving can affect how quickly you receive it. Large settlements may require additional processing time.
2. Payment method: The way you are paid can also influence how long it takes for you to be awarded a settlement. Checks, wire transfers, direct deposit, and more all have their own process and timeline. Additionally, whether you are receiving the money in a lump sum or in installments over time can impact the amount of time it takes.
3. Outstanding debts: If there are any liens or outstanding debts related to your case like medical bills, legal services, etc. they will need to be paid before you can receive your money. Your attorney will typically handle this but it can affect the timing.
4. Court approval: Some cases, like those involving minors or incapacitated adults, will require court approval before the settlement can be awarded. While this protects the best interests of the victim, it can lead to delays.
5. Parties involved: In cases where there are multiple defendants or parties involved, disbursement of settlement money can take longer.

Any of the above, or administrative delays, can lengthen the amount of time it takes for you to receive your settlement money. Receiving your settlement in a timely manner is important so you can begin repaying debts from the accident like medical bills, property damage, etc. Work with a knowledgeable attorney to ensure your rights are protected during this time.