How Long Does It Take to Get a Tampa Personal Injury Settlement Check
October 20, 2022 | Winters & Yonker, P.A. | Personal Injury
Many people who file a personal injury claim want to know how to “track my settlement check” or “how long after settlement do I get paid?” It is natural to want to know when you will receive your money for a personal injury case. Many people need that money to get back on their feet after a car accident or slip and fall accident resulting in substantial medical bills and lost wages.
The timeline for getting a Tampa personal injury settlement check varies. Each personal injury case is unique. Therefore, there is no standard answer to the question of how long it takes to get a settlement check in Tampa.
However, most personal injury cases settle without filing a lawsuit or going to court. Therefore, many people receive a settlement check faster than they would if they had to file a lawsuit and go to trial.
Also, hiring a Tampa injury attorney can reduce the waiting time for a personal injury settlement. A lawyer understands the process of settling a personal injury claim. They know the steps to take to make the process as timely as possible while maximizing the amount of money you receive for your injury claim.
What Factors Affect How Long After Settlement I Get My Money?
The facts of your case could impact the settlement timeline. Factors that could lengthen the time it takes to get a personal injury settlement check include:
- The severity and type of injuries sustained
- How long it takes you to complete medical treatment
- The complexity of your case and the parties involved in the case
- Whether you sustain disabilities or permanent impairments
- The willingness of the at-fault parties and insurance companies to negotiate a fair settlement
- The use of formal arbitration and mediation services
- Disputes regarding liability, damages, failing to mitigate damages, and contributory fault
- Whether you must file a lawsuit
The duration of your recovery is one of the most significant factors that impact how long it takes to receive a settlement check. Therefore, we do not want to settle the claim before you reach maximum medical recovery.
If your doctor assigns an impairment rating, it could increase the value of your claim. However, your doctor cannot determine permanent disabilities and impairment until you complete medical treatment.
Your Tampa personal injury attorney works to document damages and gather evidence proving fault and liability while you receive medical treatment. If the injuries caused an impairment, it might be necessary to hire medical specialists and other expert witnesses to assist with the case. While this process could take longer, it also increases the chance of receiving a higher settlement amount.
How Long Do Lawsuits Take To Settle?
Filing a lawsuit could add months to the time it takes to receive a settlement check. Also, filing a personal injury lawsuit does not guarantee you will receive money for your claim. Therefore, your attorney helps you weigh all options to choose the best option for your situation.
What Happens After We Agree on a Settlement Amount?
A final settlement resolves all matters in your case. Your attorney prepares a settlement agreement for all parties to sign. The settlement agreement releases all parties from any further liability for your claim.
Florida law gives insurance companies 20 days to make payment after reaching a settlement. However, issuing a settlement check can be conditioned on signing a settlement agreement. Therefore, it could take longer than 20 days from reaching a verbal agreement to receive a check.
Furthermore, your Tampa personal injury lawyer must take several steps before cutting you a check. First, the attorney must deposit the check into an escrow account. The funds remain in that account until the check clears the bank.
After the check clears, your attorney must pay subrogation claims and medical liens in your case. Experienced injury lawyers attempt to negotiate lower payments for these liens to keep as much money for their clients as possible. Therefore, it could take additional time to negotiate lien payments, but that could mean more money for you.
Once all medical liens and subrogation claims are paid, the attorney deducts the contingency fee and costs from the settlement proceeds. Personal injury law firms in Tampa work on contingency fees. They agree to accept a percentage of the settlement amount as payment of legal fees.
In addition to deducting the contingency fee, the law firm reimburses itself for costs paid to pursue the claim. Costs can include filing fees, copy costs, record fees, deposition costs, and travel expenses.
Finally, the attorney gives you a check for the net settlement proceeds. The law firm should also provide a detailed summary of all deductions from the settlement proceeds. If you have questions about the deductions, ask the attorney before you sign any documents accepting the check.
Contact the Tampa Personal Injury Law Firm of Winters & Yonker Personal Injury Lawyers for Help Today
If you need help pursuing compensation after an accident, contact a Tampa personal injury lawyer. Winters & Yonker Personal Injury Lawyers offers free consultations. We can help you understand your rights and options and discuss how long you should expect your case to take. Contact us today to get started.
For more information, please contact Winters & Yonker Personal Injury Lawyers to schedule a free consultation with a personal injury lawyer in Tampa today. We have five convenient locations in Florida, including Tampa, Clearwater, St. Petersburg, New Port Richey, and Lakeland.
We proudly serve Hillsborough County, Pinellas County, Pasco County, Polk County, and its surrounding areas:
Winters & Yonker Personal Injury Lawyers – Tampa Office
601 W Swann Ave, Tampa, FL 33606
Winters & Yonker Personal Injury Lawyers – Clearwater Office
600 Bypass Dr Suite 224-D, Clearwater, FL 33764
Winters & Yonker Personal Injury Lawyers – St. Petersburg Office
111 2nd Ave NE Suite 350, St. Petersburg, FL 33701
Winters & Yonker Personal Injury Lawyers – New Port Richey Office
5006 Trouble Creek Rd Unit #200, Port Richey, FL 34652
Winters & Yonker Personal Injury Lawyers – Lakeland Office
1543 Lakeland Hills Blvd Suite 18, Lakeland, FL 33805