Winning a personal injury claim can feel like quite a victory, especially if your case has been a long and arduous one. While you may feel pleased about gaining a significant cash settlement, you might also have questions for your attorney about how to collect your settlement money and how he or she might help you do so. As you move into the collection phase of your personal injury claim there are a few queries you can raise that may make you feel more comfortable about the process.
- Who Is the Check Made Out To?
Depending on the circumstances, your settlement check may be made out to more than one party or there may be several checks cut by the payee. In most cases, the check is made out to both you and the law firm that represented you. If you have unpaid medical bills as a result of the accident, there may be a third check made out directly to a hospital or other medical creditor. Once your attorney and medical bills are paid, you then receive the remainder of the money.
- How Long Does Payment Take?
Once you win your case and the insurance company or other defendant is required to pay you for your injuries, a settlement check can take anywhere from several weeks to a month to arrive at your attorney’s office. You and your attorney may also have to sign a release document that outlines the terms and conditions of how the money is dispersed.
- Who Pays Medical Liens?
If you incurred medical liens as a result of your injuries because you were unable to pay at the time, your attorney may assist you with paying off those debts before you can receive any additional money from your court win. Working with your attorney to settle these debts can give you peace of mind that all your medical creditors have been paid before you accept the remainder of the award.
- What If I Accepted a Structured Settlement?
A structured settlement may offer a few tax breaks and help you reorganize your finances. There are several options for structuring payments such as per year, increasing payments over time, or receiving the cash in an annuity. Your attorney can help you choose which option best suits your current situation.
Winning a substantial amount of cash in a personal injury lawsuit can feel like a major victory, but you may still have many questions about how you will receive the money. Speak to a car accident attorney at PIOLETTI PIOLETTI & NICHOLS for more information and assistance.