Timeline of a Toledo Car Accident SettlementĀ 

An exact timeline of a Toledo car accident settlement will depend on a variety of different facts within someone’s case, but generally, a settlementĀ can takeĀ two weeks to 45 days.Ā The check and the releaseĀ mustĀ be signed by the person. The check can takeĀ four or five business days toĀ clear the banks,Ā so the attorney can write the checks out of theirĀ escrowĀ account.

The only way the person canĀ receive a settlement fasterĀ isĀ when theyĀ limit theĀ time periodĀ where the check must be sentĀ by certified mail to the person within seven business days.Ā Occasionally, theĀ other sideĀ agrees toĀ write theĀ check immediatelyĀ after mediationĀ whenĀ the person settles the case.Ā The terms of the amount of the settlement and when the person receives the check can be negotiated as part of the settlement.

A professional Toledo car accident lawyer can guide you through the legal process of a settlement.

Issues When Negotiating a Settlement

Some issues can affect the timeline of a Toledo car accident settlement. One of theĀ issues of negotiating a settlement might beĀ theĀ liensĀ the personĀ mustĀ pay back.Ā For example,Ā when a person is injured in a car accident, their insurance company pays all expenses related to the car accident. WhenĀ a settlementĀ is reached, the personĀ must reimburse theĀ health insuranceĀ companyĀ for the expenses.Ā The process of reimbursing the insurance company for the expenses paid is called subrogation.

Most of the timeĀ private health insurance companies are goodĀ about submittingĀ theĀ numbers.Ā WhenĀ a person is on Medicaid or Medicare,Ā itĀ can beĀ extremely difficult to get them to supply theĀ injured partyĀ with the numbers.Ā Unless the person can give the numbersĀ to the other side and they write a separate check toĀ satisfy the Medicaid or the Medicare settlement number, theyĀ will notĀ write the check right away.Ā When someoneĀ is dealing withĀ governmentalĀ agencies, that isĀ one issueĀ withĀ negotiating theĀ settlement.

Another issueĀ isĀ whenĀ a childĀ is aĀ person involved in the settlement. The parent or guardianĀ may want toĀ do a structured settlement where the money is taken and an annuity is purchased so the child receives a substantially greater amount of money from the ages of 18 to 25 throughout the rest of their lives. The alternative isĀ getting theĀ cash amount whichĀ goes throughĀ the probate court andĀ isĀ put into a savings account orĀ a CDĀ until the child reaches the age of 18.Ā LiensĀ and structured settlements areĀ issues thatĀ canĀ delay a settlement.

Steps to Receive Settlement in Timely Manner

To have a short timeline of a Toledo car accident settlement, the person and their attorney should firstĀ be prepared withĀ structured settlement numbers. WhenĀ the person is interestedĀ andĀ prepared ahead of timeĀ at the mediation or the time of the settlement, that informationĀ isĀ available to the person. They can consult with their attorney and makeĀ an informed decisionĀ in a timely manner.

An attorney can make a concertedĀ effortĀ by havingĀ employeesĀ whoseĀ onlyĀ jobĀ is toĀ identifyĀ insuranceĀ liensĀ and negotiate theĀ liensĀ down.Ā This can helpĀ the staffĀ to be aware of problems andĀ resolve themĀ before the settlement process begins.
An experienced car accident attorney in Toledo obtainsĀ the numbers ahead of timeĀ evenĀ beforeĀ attemptingĀ to negotiate a settlement.Ā They understand the importance ofĀ obtainingĀ theĀ lienĀ numbers at the beginning of the case andĀ as soon as the person endsĀ theirĀ treatment.Ā The attorneyĀ knowsĀ theĀ all ofĀ theĀ potential problemsĀ thatĀ can surfaceĀ in a case and worksĀ through the process to solve the problems in a timely manner.

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