The long-awaited day has finally arrived, after months and years of physical and financial hardship. Your case has finally been settled, but when you go looking for your check, you learn that it has been put on hold.
No one has explained to you that after years of legal proceedings, the money that you deserve and need to clear your bills may not arrive as quickly as you would like. If you don’t want to or can’t afford to wait longer, contact the team at Legal Bay Lawsuit Funding today, they might be able to help.
Even when a settlement has been reached, there are still a series of things that you and your attorney must do before you receive a check. When an agreement arrives, there are a series of obligations that must be attended to before you receive the final balance. All of these just result in additional delays in the process
Here are some factors that can impact the arrival of a settlement check
The details of an individual settlement agreement and your particular case will directly impact the time it takes for a check to arrive. While some instances settle in as little as six weeks, others take months to resolve fully. Here are some of the key reasons why your settlement check may be delayed.
When you receive a settlement, you will be asked to sign a release form. This a simple but necessary step in the process; A statement that you will not pursue any further legal action, it is unlikely that you’ll receive a settlement check without first signing a release form.
This form details precisely what you intend to release the insurance company or the defendant from. Your attorney will work through every section of the agreement before you sign it. You will need to be patient as there may be a delay at this point, depending on the number of different parties involved in your case. More delays can be expected if there are any disagreements.
#2 Stalling tactics
Even after the defendant has agreed to settle once you sign the release form, it’s common for organizations to use this time to stall the processing of the settlement check for as long as possible. Processing of release documents by an insurance company or the defendant and can take 30 days at this point. They can even choose to reject a release form.
#3 Banking issues
In the vast majority of cases, the check is sent to your attorney. The money is put in an escrow or trust account, and This process will take anything from 5 to 10 working days to clear. Once it clears, your attorney will deduct any of their costs and pay outstanding bills or liens, clearing any and all financial obligations attached to your case.
#4 Clearing expenses attached to your case
The final step in the process that may delay your check’s receipt is the settlement is the number of expenses attached to your case. In the event of a personal injury case, there’s a high possibility that you have outstanding medical liens or bills. Your attorney will take charge of paying these bills on your behalf.