How Long After a Settlement Do I Get My Money?

When injuries occur at the expense of negligence, you may decide to pursue legal action against the responsible party to seek justice for your suffering. As you navigate the intricate claims process, you may wonder how long it will take to reach a settlement agreement and recover the funds you are entitled to for your endured damages. The duration of time it takes to negotiate a settlement and receive payment for your losses in a personal injury case is influenced by a multitude of factors. These factors may include the complexity of the case, the willingness of the involved parties to resolve, and the extent of the injuries sustained. Please continue reading to learn how long it may take to receive awarded compensation and why connecting with our skilled Morris County Personal Injury Attorneys is in your best interest. 

How Long After a Settlement Will I Get Paid?

Firstly, it’s crucial to understand that a settlement is an agreement to resolve a legal claim without going to court. If the insurance company is cooperative and their investigations into the circumstances of the accident go smoothly, they will accept liability and prepare a settlement agreement. Typically, victims can receive their awarded compensation fairly quickly after signing a waiver of liability. You can expect to receive payment anywhere from a few days to a few weeks in either a lump sum or as a structured systematic payment.

What Should I Know About Accepting an Early Settlement Offer?

After an accident, insurance adjusters tend to approach victims quickly, aiming to capitalize on their vulnerable position and their lack of knowledge regarding their rights and legal options. While they may initially present themselves as friendly, it’s crucial to remain cautious as they do not have your best interest at heart. They will employ various tactics to try to trick you into saying or doing something that can be manipulated and used against you to decrease the value of your claim. One of these tactics includes offering a lowball settlement that is far less than what you are rightfully entitled to for your damages. While being offered a settlement may seem like a relief as medical bills are piling up, it’s important to refrain from accepting any settlement offers until you have consulted an experienced attorney.

If you have yet to reach maximum medical improvement, you may not fully grasp the severity of your condition and your potential long-term care needs. Accepting an early settlement offer could result in receiving a settlement amount that doesn’t fully cover your losses. Once you sign a waiver of liability, you are forfeiting your right to request additional compensation if your condition worsens or if you experience further damages due to the accident. Essentially, you will relinquish your right to take legal action against the at-fault party for any additional damages related to the same incident in the future. As such, it’s in your best interest to enlist the help of an attorney who can help negotiate a fair settlement on your behalf.

At Lutz Injury Law, we are prepared to help you navigate each phase of the claims process. If the insurance company engages in bad faith practices and delays the process, we can assist you in attaining the justice you deserve. Connect with our dedicated legal team today to learn how we can figth for you.