If you are injured in a car accident, you are entitled to compensation for all your various damages. This ranges from medical bills, lost wages, repairs and reimbursements for your pain and suffering. But the car accident claim process can be complex and many wonder how they will be paid.
With this in mind, we discussed what to expect from your car accident settlement.
Getting Your Settlement Check in Chicago
There are several ways you can receive your insurance statement. Depending on your situation, you may have several options, including a structured payment schedule or a one-time lump sum payment. Fortunately, in either case, you don’t have to worry about paying taxes on your personal injury settlement.
Flat rate option
Many injury victims quickly decide to go for a lump sum payment. These are generally paid within six weeks of the agreement being signed, although you can expect the process to take several months. Once you have received your money, you can use it as you wish.
Structured Settlements
However, if you choose to go for a structured settlement, you can work with a financial advisor to determine your budgetary needs to ensure that your structured settlement payments meet your needs.
If you’re not sure what type of settlement you want to go with, you can talk to your attorney to discuss your options further.
How are the settlement checks distributed in Chicago?
Once a settlement amount has been reached and you have decided what type of settlement you want to go with, there are several steps to securing your car accident settlement.
Sign the release form
First you need to sign a release form. Here your lawyer, the insurance company, the liable party and all other relevant entities must sign all relevant legal documents.
The release form releases the insurance company and the culprit from future liability and responsibility. By accepting their offer, you are giving up the opportunity to receive additional fees from these parties in the future.
If you have agreed on a settlement amount, but are unable to agree on the terms of your release form, it may delay the amount of time it takes to obtain your settlement check.
Who receives the settlement check?
Once you sign the release form, the liable party’s insurance company will write the settlement check. The settlement check must be made out to you and your lawyer. You can rest assured that your settlement check will be sent to your attorney. Once your attorney receives the check, it will be deposited into the designated legal trust account for processing.
What will be deducted from your settlement?
It’s more common than you might think for car accident victims to struggle financially after a collision. Many have to deal with deadlines that can affect the compensation left over after the settlement check is written.
Your lawyer will do everything possible to reduce your debts as much as possible. However, car accident survivors often face a variety of personal injury debts, including:
- Debts from the government health insurance program
- Medical expenses not covered by the insurance company
- Private health insurers liens
Your attorney can often deal with lien holders on your behalf with your settlement funds, while you focus on recovery. Any additional debts you have that are not considered liens can be settled once you receive your settlement check. This can include delinquent rent or mortgage payments, delinquent utility bills, phone bills, credit card debt, and other expenses that you were unable to cover because of your injuries.
Can you speed up the settlement process in Chicago?
If you’re hoping to get to a settlement agreement with your insurance company faster, you can do it by:
- Submit required documents as soon as possible
- Provide the insurance company with the information they need to write the check
- Prepare your Settlement Release Form once the Settlement Amount has been determined
- Prepare your debts so that they can be paid quickly once the settlement check is received
These are just a few examples of ways to speed up the auto accident settlement audit process. If there are additional steps you can take to recover the fee more quickly, your attorney should let you know.
An Accident Lawyer in Chicago Helps You Get More Money
Your attorney is responsible for handling the legal details of your case. Immediately after your car accident, your attorney should begin investigating the collision to determine the culpability. Once you have established liability, you can file a claim with the liable party’s insurance company, as Illinois is a state of error for auto accident and insurance purposes.
Please note that the insurance company will look for ways to deny you the compensation that is rightfully yours. They may offer a low-ball settlement early on, but the amount probably won’t cover your losses enough.
Your lawyer will conduct the negotiations on your behalf to ensure that you receive fair compensation for your damages. An auto accident attorney will get the insurance company to cut your settlement check quickly, giving you access to the money you need to cover your debts and rebuild your life.
Contact a Chicago auto accident attorney for help
If you have additional questions about your auto accident settlement audit, how much your case is worth, or what to expect from your auto accident claim, contact our dedicated Chicago auto accident attorneys at Staver Accident Injury Lawyers, PC
Schedule your free, risk-free consultation when you call our office or fill out our online contact form to start your business today.
