Once you win a personal injury suit, you should get your settlement. Many of our clients wonder just how long it will take. Fortunately, most plaintiffs do not have to wait too long to get their money. Our Westchester County medical malpractice attorneys can tell you more about what you should expect.
Should I Take the First Settlement Offer?
If you want a settlement fast, you should just take the first offer extended to you, right? You could get your money faster this way, but we rarely recommend this. That first offer is the insurance company’s attempt to get out of this situation for as little money as possible.
You might accept an offer, only to later realize that it doesn’t come close to addressing all of the expenses related to your accident. If this happens you cannot just go back to the insurance company and ask for more money. You’re out of luck. This is why you should work with your lawyer to negotiate a fair settlement, even if it takes a little longer.
When Will I Receive My Settlement?
Once a settlement is reached or a verdict is handed down, it should take just a few days to a few weeks to receive your money. Once the proper paperwork has been filled out, the insurance company has to do its best to pay you as soon as possible.
Some things can complicate this process though. There could be unexpected paperwork. Sometimes a settlement can also be harder to finalize if multiple parties are involved in the case. There could also be liens on the settlement, meaning that someone wants to recoup money that they spent now that you are receiving money. A common example of this is a health insurer taking a portion of your settlement to make up for the money they spent on your medical care.
Is Every Personal Injury Settlement Awarded as a Lump Sum?
You also might not get your personal injury settlement all at once. If your negotiations result in a structured payment arrangement, you can expect to receive your first payment within a couple of weeks and then the remaining payments according to a set schedule. You can tell your lawyer if you would prefer a lump sum or if getting paid over time is not a problem for you.
What Can This Money Help Pay For?
Your settlement is meant to address the costs and trauma associated with your accident. It can help make up for:
- Medical expenses
- Lost wages
- Loss of earning potential
- Mental anguish
- Pain from disability or disfigurement
- Property damage
Schedule a Case Consultation
Fighting for compensation on your own can be tough. If you’re thinking about making a personal injury claim, contact Hausman & Pendzick to schedule a case consultation. We can tell you more about how our lawyers will do their best to help you secure a fair settlement.