You will most likely feel a huge sense of relief when you finally settle your truck accident claim after months or longer of arguing with the trucker’s and trucking company’s insurance company. Understandably, you want to receive your compensation from them as soon as possible.
However, there are a few more steps that must be completed before you are paid. It can take four to eight weeks to finish this process.
What Happens After You Agree to a Settlement?
It can help to understand what needs to get done before your attorney can call you to pick up your check or have it mailed to you. That way, you can be sure that things are moving as quickly as possible and avoid any delays. Here is what must happen:
- Sign release. You will need to sign a Release of All Claims form where you agree to accept the settlement amount and that this is a full and final settlement of your claim. It will be prepared by the insurance company or their lawyer. It could take longer for this document to be completed if your attorney finds objectionable clauses that need to be revised to protect your interests.
- Check sent. Once the insurance company receives your signed release, they will process your check and mail it to your attorney. Depending on the company’s procedures for writing this check, it could take two to three weeks to complete this step.
- Check deposited and bills paid. Your lawyer will deposit your check in a client trust account. Once the check clears, your lawyer will pay any debts owed, such as a medical lien placed on your proceeds by your health care provider.
- Attorney fees are deducted. After any bills are paid, your attorney will deduct any costs paid on your behalf, such as court filing fees, expert witness fees, and attorney fees from the remaining settlement proceeds.
- Your payment. After all of these steps are taken, your check will be issued. Congratulations! Your truck accident case is really finished, and you can move on with your life.
Do you need help negotiating your settlement after a truck accident in the Norfolk or Virginia Beach area? Call our office to schedule a free case evaluation with our experienced truck accident lawyers to get your questions answered and learn about your options.