After being injured in an accident, you may have a few options available to seek compensation for your injuries. If you agree to a settlement, you may be wondering about when you will receive the compensation you need to pay for medical bills and other expenses. There are a number of factors that can influence when a victim will receive a settlement payment. If you were injured in an accident and are concerned about a settlement, you should consult with an experienced Baltimore personal injury lawyer as soon as possible. The Law Offices of Randolph Rice is committed to fighting for victims of severe accidents, and we are ready to work with you. Our firm is here to discuss how long it can take to receive settlement money for a lawsuit in Maryland.
Factors that Can Affect How Long It Takes to Receive a Settlement Check After a Lawsuit
After filing a personal injury lawsuit, you may decide that it would be more appropriate to settle with the defendant rather than continue the case. Settling can limit the amount of money a victim has to pay for court fees, attorney fees, and many other expenses associated with litigating a case. However, a plaintiff can also run into some issues when settling with a defendant.
After being severely injured, it is vital that a victim receive the compensation they need to handle expenses that have arisen due to the defendant’s negligence. For example, However, there are a number of factors that can affect how quickly a plaintiff receives money from a settlement. The following is a list of common causes that could delay a settlement check in Maryland.
Insurance Company Slow in Processing the Settlement
To approve the terms of a settlement, a plaintiff must sign a settlement release form. The settlement release form must then be processed by the insurance company. Ordinarily, the processing of a settlement release form would take about six weeks. However, if an insurance company does not promptly process the form, a plaintiff could be waiting for months.
In some cases, the insurance claim adjuster responsible for your case may not process your claim immediately for a number of reasons. For example, if the claim adjuster for your case has taken a vacation or is working on a plethora of cases, this could affect how long it takes to process your claim. Calling the insurance company or asking your attorney to contact the company may help expedite the settlement.
Delays Due to Natural Disasters
Natural disasters often cause insurance companies to become overwhelmed with cases. Each claim adjuster may have to deal with dozens of cases at a time, which could hinder their ability to perform their duties. For example, the coronavirus pandemic could make it difficult for an insurance company to timely investigate and process all claims filed by policyholders. As a result, a victim waiting on a settlement from a car accident may have to wait for several weeks before their claim is approved.
Liens Filed Against Your Settlement Proceeds
After the settlement check has been sent to your employer, they are required to place the money in escrow. At this point, if there are any liens placed against your insurance settlement, it must be deducted before the funds can be distributed to you.
There are various types of liens that could be placed on your insurance settlement. For example, if you have extensive medical bills that occurred due to the accident, a medical lien could be placed on your settlement proceeds. Under some circumstances, your attorney could engage in negotiations with creditors to avoid having a substantial amount of your settlement go to liens. This could also affect how long a plaintiff has to wait for their settlement.
Additionally, your attorney will also deduct their fees and other costs from the settlement money. The fees taken by your attorney will depend on the terms of the representation agreement. Attorney fees typically do not exceed 33% of a plaintiff’s settlement proceeds. However, this fee is often lower.
There are many other reasons that a settlement check may take an excessive amount of time to be processed. If you believe that the insurance company in charge of the settlement are purposely avoiding payment of the settlement, you should consider filing an insurance board complaint.
If all other communication with the insurance company has been unsuccessful, an insurance board complaint may be necessary. An insurance board would have the power to bring fines and other penalties against an insurance company that is prohibiting access to funds needed by victims. You can file a complaint with the Maryland Insurance Administration, or request that your attorney file a complaint.
Our firm is here to help ensure that an insurance company provides you with the insurance settlement you need to handle your expenses after a serious accident.
Contact Our Experienced Maryland Personal Injury Lawyer Today
If you or a family member was injured due to the negligence of another, you should contact an experienced personal injury lawyer today. Personal injury attorney Randolph Rice possesses over 20 years of legal experience, and he would be honored to provide you with legal representation. You do not have to handle your case alone. To schedule a free legal consultation to discuss your claim, contact the Law Offices of Randolph Rice at (410) 694-7291. You can also contact the firm by using our online submission form.