When Should I Expect My Insurance Settlement Check?
There’s not any set amount of time in which successful personal injury claimants or plaintiffs receive a settlement check for their case. But it shouldn’t take a long time to receive the funds. In many cases an insurance company will write a check, but if the person from whom you are recovering compensation doesn’t have insurance you may have to wait longer.
Talk to your lawyer about when you should receive your settlement check and what happens after you get it, as well as the process required to get the funds awarded from a person without insurance, if applicable.
Interest on Lawyer Trust Account (IOLTA)
A lawyer may not deposit your lawsuit settlement money with his or her own money. All 50 states plus Washington D.C. participate in Interest on Lawyer Trust Account (IOLTA) programs. Such programs have been in operation in Australia and Canada since the 1960s, according to the Indiana Bar Foundation.
Per the Indiana Bar Foundation, Indiana lawyers use IOLTA “…to convert all trust accounts into IOLTA accounts if the accounts contain deposits that are of short duration and/or of a relatively small balance so that they could not earn income for the client in excess of the costs incurred to secure the income.”
The Indiana Bar Foundation receives the interest for charitable purposes, usually those related to pro bono work. If you don’t have a settlement check that is being held for a long duration or that is a large amount, this may delay your settlement payment for a while.
Negotiating Liens and Overdue Bills
Your lawyer may negotiate outstanding bills and liens, which are commonly related to medical bills. Health insurance companies may place liens on settlements to collect compensation for its costs related to treating your injuries.
Once you receive your settlement, the health insurance company that placed the lien may recover the amount specified. But in some cases your attorney may negotiate with the health insurer to reduce the amount owed. This is an issue you should discuss in more detail with your lawyer.
You may also have to repay settlement loans you received while your personal injury case is still in progress.
My Settlement Check is Taking Too Long to Arrive
If you feel that your settlement check is taking an unreasonable amount of time to receive, then you need to speak to your lawyer right away. Inquire about the status of the check and when you can expect to receive the funds. If you must recover from an individual with no insurance, you may discuss the progress of any efforts to recover the compensation.
If you are in Indiana, Hensley Legal Group can provide you with a FREE consultation about your case. You can discuss strategies to recover a fair settlement, what will happen after you reach an agreement, what will happen to your settlement check once it’s sent, and any other issues pertaining to your settlement. Call us at 317-472-3333, or schedule your consultation here.