How Long After a Settlement Will It Take to Get Paid?

Have you recently settled a personal injury claim? You’re probably wondering how long after the settlement you get paid. It’s a fair question – after all, medical bills, lost wages, and other expenses can add up quickly. While the timeline for receiving your settlement money varies, most people can expect to receive payment within a few weeks to a few months after signing the agreement.

What happens after I accept a settlement?

Even after you settle your lawsuit, the process isn’t over yet. A few things must take place before you get your money.

Once you settle, both you and the other party (which is typically an insurance company) must sign a formal agreement. This document confirms the terms of the settlement, including the amount of money.

After signing the agreement, the insurance company must process the payment. This takes anywhere from a few days to a few weeks, depending on how fast they move.

Before releasing the funds, the other party will require you to sign a release form. This states that you agree not to pursue any further claims regarding the accident. Once this form is signed, the insurance company can issue the settlement check.

Your attorney will likely receive the settlement check first. The law firm must deposit the check into a trust account before distributing the funds. Depending on the bank’s processing times, this could take a few days.

Before you receive your final payment, certain deductions may be taken from your settlement, including attorney fees, medical liens, and any case-related expenses. Once these are deducted, your lawyer will send you the remaining balance.

How long after my settlement do I get paid?

Most people receive their settlement check within four to six weeks after signing the settlement agreement; however, in some cases, it could take longer. Here are some potential delays you might encounter.

• Some insurance companies move quickly, while others might drag their feet. If an insurance company takes its time approving and issuing the check, it can add a few weeks to the process.
• Even after the check is issued, your lawyer must deposit it into a trust account. The bank may require several days to clear a large check before funds can be withdrawn.
• If you received medical treatment but haven’t yet paid your bills, your healthcare provider may have a lien on your settlement. This means your attorney will have to negotiate and pay these liens before releasing the rest of the money to you. This process can take some time.
• If the settlement involves a minor or a wrongful death claim, a judge may need to approve the agreement. Court approval can add extra time to the process.

How can I speed up the settlement process?

You can’t control every delay, but there are some steps you can take to help speed up the process. Sign all your documents promptly – the settlement agreement and release forms must be signed before payment can be issued. If you delay signing, your check will be delayed, too.

If you have outstanding medical bills or liens, provide your lawyer with all the necessary paperwork early on in your case.

You can also ask about expedited payment. Some insurance companies offer direct deposit or wire transfer options, which can speed up your payment.

On average, you can expect to receive your settlement check within one to two months after finalizing the agreement. While this might feel like a long wait, it’s often unavoidable due to the steps involved.

If it has been longer than two months and you still haven’t received your money, contact your attorney to check on the status of the payment.

What if I don’t receive my settlement check?

There are some cases where settlement payments might be delayed for more than a couple of months. If this happens, possible reasons can include:

• The insurance company is stalling or disputing the agreement
• The defendant has financial difficulties or is slow to pay
• There’s an issue with outstanding liens or court approvals

If you suspect an unreasonable delay, our lawyers may need to take legal action to enforce the agreement.

In summary, if you’re wondering how long after your settlement you get your money, the short answer is usually four to six weeks, but it can take longer in certain cases. Stay in close contact with your attorney and make sure all required documents are signed and submitted on time.

At Kansas City Accident Injury Attorneys, we work hard to make sure our clients get paid as quickly as possible. If you have any questions about your settlement, we’re happy to help. If you’re experiencing delays or have questions about your settlement, don’t wait — contact us today for a free consultation and let us help you get the compensation you deserve. Please call our offices or submit our contact form to schedule your no-obligation consultation today. We can meet you at our main office in Kansas City, MO. You may also schedule an appointment at our other convenient office locations in Lee’s Summit, Parkville, and St. Joseph (MO), Olathe, Kansas City, and Overland Park (KS).