03 Feb How Long Can a Lawyer Hold Your Settlement Check?
Personal injury claims can take more time than some plaintiffs think. You may spend months waiting to reach a settlement or a verdict, but your bills and living expenses wait for no one. So you might feel anxious about when you’ll receive your settlement check. Once you reach a settlement, there are things your personal injury attorney needs to take care of before you receive the money. The staff at Certified Legal Funding can walk you through that process.
Certified Legal Funding helps plaintiffs expecting a settlement for their personal injury cases cover their expenses, regain a sense of financial stability, and focus on their recovery. But it’s important to understand the final stages of personal injury claims and the process involving settlement check timelines. The staff at CLF has explained this process here, as they often answer their clients’ questions about settlement checks.
What factors impact the delivery and timing of your settlement check?
How soon you receive your settlement check depends on the details of your case and your settlement agreement. Depending on those factors, receipt of your settlement check can vary from a couple of weeks to several months. Here are some of the most frequent reasons why your settlement check might arrive later than you expect:
A release form is a legal agreement stating that you will not pursue additional legal action against the defendant in your case. Most insurance companies will wait until you sign the release form before releasing settlement money. If you have filed other lawsuits against the same defendant for a separate issue, you don’t have to give up on those particular claims because the release form states which claims you release the defendant from.
Check clearance is another factor affecting the timeline of your settlement check. When the defendant or the insurance company sends the check to your attorney, your attorney will hold it until the check clears. This can take between five and seven days for larger settlement checks.
Paying liens and bills is the third factor affecting the timeline. If you sustained injuries and filed a personal injury claim, you likely have medical bills and liens to pay before you can receive the money. Your attorney will sort this out for you in most cases, but keep in mind that the timeline can drag out if the government has liens against your settlement. For example, liens from government-funded programs can take months to be resolved.
When should you consider legal funding?
Waiting for your case to be settled can take longer than you may think. And bills still need to be paid while you wait for your settlement check. Personal injury attorneys cannot help you pay your bills, as they might lose their license. Some plaintiffs choose to apply for a bank loan, but there is a faster and easier option.
Pre-settlement funding, also known as legal finance loans and legal funding for lawsuits, is a financial product designed to provide plaintiffs with a lifeline while they wait for their settlement money. Legal funding for lawsuits in Tampa is non-recourse, which means you don’t have to repay it if you happen to lose your case.
Certified Legal Funding is a premier provider of legal settlement loans with thousands of satisfied clients throughout Tampa, Florida. To find out how you can apply for pre-settlement funding, call toll-free (800) 922-7439 or apply online.