Settlement Checks After St. Louis Car Accident

Here's a breakdown of what to expect regarding settlement checks after a car accident in St. Louis:

The Settlement Process:

Reaching a Settlement: After an accident, you might negotiate a settlement with the at-fault party's insurance company. Your lawyer will handle most of the communication and negotiations.
Settlement Agreement: Once an agreement is reached, you'll sign a settlement agreement outlining the terms of the settlement, including the total compensation amount.

Receiving Your Settlement Check:

The timeframe for receiving your settlement check depends on a few factors:

Processing Time: The insurance company requires time to process the paperwork and finalize the settlement. This typically takes 20-30 days for pre-trial settlements.
Attorney Fees and Liens: Your lawyer will deduct their agreed-upon contingency fee from the settlement amount. Additionally, if there were medical liens from doctors or hospitals related to your accident treatment, those will be paid out of the settlement before you receive the remaining funds.

How You Receive the Funds:

Payment Method: The insurance company typically issues a check for the remaining settlement amount after deductions. In some cases, electronic transfer might be an option.
Receiving the Check: Your lawyer will likely receive the check on your behalf. They will ensure all outstanding fees and liens are settled before disbursing the remaining funds to you.

Important Considerations:

Don't Cash the Check Immediately: Review the settlement agreement carefully to ensure the amount and terms are correct. Once you cash the check, it signifies your acceptance of the settlement, and it might be difficult to pursue further action.
Consult with Your Lawyer: If you have any questions about the settlement agreement, the disbursement process, or how to handle the check, discuss them with your lawyer. They can provide guidance and ensure your rights are protected.

Additional Tips:

Settling Debts: Use a portion of the settlement to pay off any outstanding medical bills or debts related to the accident.
Financial Planning: Consider seeking professional financial advice on managing your settlement funds effectively, especially for larger settlements.
Future Medical Needs: If your injuries require ongoing medical care, allocate a portion of the settlement to cover future medical expenses.

Remember, the specific details of your settlement check and the timeframe for receiving it can vary depending on your unique case. Consulting with your lawyer throughout the process is crucial to ensure a smooth and transparent experience.