Typically, it takes several months from the time you suffer an accident until the date that you receive the settlement money in your bank account, Las Vegas, NV. is not an exception. If you’re lucky, it will only take a few weeks for this to happen. However, if your claim is complex or contentious enough, the resolution process could extend over the course of years, adding to the anticipation and uncertainty surrounding your case.
How Long Do Lawsuits Take To Settle?
The length of time it takes a lawsuit to settle depends on a number of factors, including the following:
- How long it takes you to reach maximum medical improvement (MMI). MMI is the point at which your doctor declares that your condition has already improved as much as it ever will. Normally, it makes sense to reach MMI before you file a personal injury lawsuit–only then will you know the full extent of your damages.
- The size of your claim. The more serious your injuries, the more money you are likely to demand. The more money you demand, the harder the insurance company will fight to avoid paying. You will probably have to deal with several rounds of offer vs. counteroffer before you even approach a reasonable settlement value.
- The complexity of your claim. If your claim is complex enough, you might have to hire an expert witness. The more complex your claim, the more investigation you will need, and the more evidence you will need to prove your claim. Medical malpractice and product liability claims are particularly likely to be complex.
- Whether liability is in dispute. In some lawsuits, only the amount of damages is in dispute. If liability is in serious dispute, you will have to work hard to assemble enough evidence to prove your case. The defendant is likely to prove unwilling to settle until you do.
- Whether you have to go to trial. Remember, you can still settle even in the middle of a trial.
Even if you need money fast, don’t settle for an inadequate sum just to get your money quickly. You’re only cheating yourself that way.
How Long After Settlement Do I Get My Money?
“How long after a settlement do I get paid?” is a critical question. It is especially important if you’ve been out of work awhile and you have bill collectors hounding you.
Remember, the settlement agreement is a binding legal contract that you can enforce in court just like any other contract. If the opposing party fails to comply with the terms of the settlement agreement, you can sue on the agreement itself and potentially garnish the opposing party’s bank account to get your money. The opposing party realizes that, and is therefore not likely to unnecessarily delay sending your settlement check.
The Disbursement Process
The typical post-settlement process works something like this:
- The insurance company submits the settlement agreement to its internal bureaucracy. The larger the company, the longer it will take to issue a check. In any case, it shouldn’t take more than a couple of weeks.
- Once the insurance company issues the check, they will send it to your lawyer’s escrow account.
- Your lawyer will deduct (i) their own legal fees and (ii) any case expenses they paid on your behalf (such as expert witness fees). They will pay off any other appropriate mounts, such as the amount of any medical lien.
- Your lawyer will then send the rest of the money to you.
Check with a tax lawyer about any taxes you might owe. Your tax burden should be nearly zero unless you received punitive damages.
Hiring a Las Vegas Personal Injury Lawyer Is One Way To Expedite Your Claim
Since personal injury lawyers work on a contingency fee basis, their incentive is the same as yours—to settle for as much money as possible, as quickly as possible. Insurance companies who are dragging their feet on settlement tend to take a far more cooperative attitude once they know you have hired an attorney. This is especially true if your attorney enjoys a strong track record of winning in court.
Contact Our Las Vegas Personal Injury Lawyers at De Castroverde Accident & Injury Lawyers For Help Today
If you’ve been injured in Las Vegas, Nevada, and need legal help contact our Las Vegas personal injury attorneys at De Castroverde Accident & Injury Lawyers to schedule a free case evaluation today.
De Castroverde Accident & Injury Lawyers – Las Vegas Office
1149 S Maryland Pkwy, Las Vegas, NV. 89104
(702) 222-9999
Open 24 hours
De Castroverde Accident & Injury Lawyers – Summerlin Office
410 S Rampart Blvd, Ste 480 Las Vegas, NV. 89145
(702) 297-6373
Open 24 hours
De Castroverde Accident & Injury Lawyers – Henderson Office
9555 S Eastern Ave, Las Vegas, NV. 89123
(702) 997-4264
Open 24 hours