Settlement payment means the transfer, or the contractual commitment (including through an automatic clearing house transaction) to make a transfer, of cash or other assets to effect a reconciliation. Section 1.104-1 (c) defines damages received due to personal physical injury or physical illness as an amount received (other than workers' compensation) through the processing of a lawsuit or legal action, or through a settlement agreement concluded instead of prosecution. The settlement check is sent to the personal injury lawyer for the amount agreed in court or through negotiations. While the time frame for receiving your settlement check may vary, the steps are basically the same for what happens between the decision of the personal injury claim for injured victims and the time the money is deposited into your account.
Another factor in the settlement verification schedule is how long your personal injury lawyer holds the check and how long it takes to resolve all the lawsuits against the lawsuit. Once the judge or jury has awarded the plaintiff an amount for the lawsuit in the personal injury case, a settlement order is created that both parties must complete. To help you be better prepared for the lengthy process involved in most personal injury lawsuits, you should understand the settlement verification timeline and how long it may take until you have the funds in your bank account. Once the bank has approved the personal injury settlement check, the lawyer will pay all debts associated with the claim before handing you the money.
Once all of those expenses have been paid, your personal injury lawyer will deduct the amount of your legal fees from the remaining product of the settlement. The average time for most plaintiffs to see a settlement check for their personal injury claim is between 30 days and six weeks. They generally have up to 30 days to send a personal injury compensation check to their lawyer after the insurance company receives authorization. Once your lawyer receives the personal injury compensation check, they will deposit it into a trust account or escrow account.
Pain and suffering are the most subjective part of your agreement and are often different from what your personal injury lawyer requested as a settlement offer. If you have questions about your settlement check, the settlement verification process, or if you don't receive the settlement check for your personal injury claim, you can contact your lawyer to find out the status. The first step in resolving your personal injury claim is to have the judge or jury award you an amount for your medical expenses, pain and suffering, and lost wages.