How Long Does It Take To Get Paid After A Settlement?
Hey there, it’s Grant Morain from Morain & Buckelew, LLC. One of the most common questions after settling a personal injury case is: “When do I get my money?” It’s a reasonable and essential question for our clients in Atlanta, Georgia. We know how vital these funds can be and aim to make the process as straightforward and swift as possible.
The Settlement Paperwork Process in Georgia
After reaching a settlement agreement in a personal injury case in Georgia, it’s essential to complete specific legal paperwork before the settlement funds can be released. This step is a standard and vital part of the settlement process. Typically, the defense, which may involve the insurance company and the defendant’s legal team, is responsible for sending the necessary documents. These documents usually include a release and a lien affidavit, which are crucial for finalizing the settlement and ensuring all legal requirements are met.
Understanding the Release and Lien Affidavit
- Release: This document states that you, the client, agree to accept the settlement amount offered and, in return, agree not to pursue any further legal action related to the injury or claim. It’s a formal way of saying the case is officially closed once you accept the money.
- Lien Affidavit: This document is essential if there are any liens on the settlement. Liens are legal claims or holds on the settlement amount by entities who may have paid for your medical treatment or other expenses related to your injury. The lien affidavit addresses these claims, ensuring that any parties owed money from the settlement are paid appropriately.
The Role of Client and Attorney in Signing
As the client, your signature on these documents is mandatory. It signifies your agreement to the settlement terms and understanding of its implications. Sometimes, as your attorneys, we may also need to sign these documents. Our signature indicates that we, too, understand the settlement terms and will adhere to any legal responsibilities we have in disbursing the settlement funds.
Variations Among Insurance Companies
Different insurance companies in Georgia have other procedures for issuing the settlement check. Some may issue the check simultaneously as they send over the settlement papers. This approach can expedite the process since it eliminates the wait time between sending the documents and issuing the check. However, other insurance companies might prefer to wait until they have received the signed documents before releasing the funds. This procedure ensures that all legal formalities are completed before any monetary transaction occurs.
The Role of Prompt Client Response
Your prompt response as a client is essential in this process. The faster you can sign and return the paperwork, the quicker we can move to the next step. We understand the urgency, and we always encourage our clients in Atlanta, Georgia, to complete their part swiftly to ensure timely receiving of their settlement funds.
Handling the Settlement Check
Once we receive the settlement check, it is immediately deposited into our trust account once we receive it. There’s a short waiting period, typically a day or two, for the check to clear the bank. After this, we can disburse the funds. This process is handled with utmost care and efficiency to ensure you get your money as quickly as possible.
Typical Timeline for Receiving Settlement Funds
So, how long does it typically take to get paid after a settlement? In our experience here in Atlanta, Georgia, it’s usually about ten days to two weeks from the settlement date until the client receives their money. However, it’s important to note that this timeline can vary. Sometimes it might take a little longer, depending on the responsiveness of the insurance company and the speed of the banking processes.
Our Commitment to Efficient Settlements
At Morain & Buckelew, LLC, we understand the importance of these funds for our clients. We are committed to facilitating the settlement process efficiently and transparently. We aim to ensure you get your settlement money as soon as possible without compromising the meticulousness required in handling legal and financial procedures.
We Are Here to Help. Call Us Today!
Please contact us if you’re dealing with a personal injury case and have questions about the settlement process. At Morain & Buckelew, LLC in Atlanta, Georgia, we’re dedicated to guiding our clients through every step of their case, including the final stage of receiving their settlement. Give us a call today at (404) 448-3146 or online – we are here to help!