When you finally reach the point following your slip and fall accident where your case is settled, you may be relieved that the long wait is over and you will soon receive your compensation and get on with your life. When will you receive your settlement check? This is probably your next big question. While your case is almost finished, there are a few steps you must complete before you receive your payment.
What Are the Steps to Finalizing Your Settlement?
You need to understand that once you settle your slip and fall case, there is no turning back. Your case will be completed, and you cannot ask for more compensation if you later discover you suffered additional injuries or monetary losses. Hopefully, your attorney negotiated a settlement you believe compensates you. Here’s how the process of finalizing your settlement works before you receive your check:
- Sign a release. The first step in your settlement process is to sign a release. The release states that in exchange for your payment, you release the defendant from all claims for compensation arising out of your slip and fall accident. Often the defendant’s attorney will want to use his own release document, so your attorney will need to wait to receive and review it before you can sign it. The defendant will most likely also have to sign the release before a check can be issued. If you filed a lawsuit, an order dismissing the case will also need to be prepared and signed by you and the attorneys for the insurance company. This step in the process can take a few weeks to complete.
- Check issued. Once the insurance company for the defendant receives the signed release, the adjuster will start the process for issuing your check. The process of issuing a payment and sending it to your attorney could take two to three weeks.
- Check deposited. Your attorney will deposit the check in his client escrow account so that the attorney fees, medical bills if necessary, and costs associated with your case can be paid out of the settlement proceeds. This can take approximately three to seven days, depending on how fast the bank clears the check.
- Settlement proceeds paid. Once the insurance company’s check has cleared, your attorney can write your check for the amount that you are entitled to. He will arrange for you to either pick up the check or mail it to you.
As you can see, the process of finalizing your settlement does not happen overnight. It can take approximately four to six weeks to complete—assuming there are no problems.
If you or a family member was injured in a slip and fall accident caused by a negligent business or property owner, contact our firm at 866-299-0558 to learn how our experienced slip and fall attorneys can help you.