An exact timeline of a Toledo car accident settlement will depend on a variety of different facts within someone’s case, but generally, a settlement can take two weeks to 45 days. The check and the release must be signed by the person. The check can take four or five business days to clear the banks, so the attorney can write the checks out of their escrow account.
The only way the person can receive a settlement faster is when they limit the time period where the check must be sent by certified mail to the person within seven business days. Occasionally, the other side agrees to write the check immediately after mediation when the person settles the case. 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.
Some issues can affect the timeline of a Toledo car accident settlement. One of the issues of negotiating a settlement might be the liens the person must pay back. For example, when a person is injured in a car accident, their insurance company pays all expenses related to the car accident. When a settlement is reached, the person must reimburse the health insurance company for the expenses. The process of reimbursing the insurance company for the expenses paid is called subrogation.
Most of the time private health insurance companies are good about submitting the numbers. When a person is on Medicaid or Medicare, it can be extremely difficult to get them to supply the injured party with the numbers. Unless the person can give the numbers to the other side and they write a separate check to satisfy the Medicaid or the Medicare settlement number, they will not write the check right away. When someone is dealing with governmental agencies, that is one issue with negotiating the settlement.
Another issue is when a child is a person involved in the settlement. The parent or guardian may want to 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 is getting the cash amount which goes through the probate court and is put into a savings account or a CD until the child reaches the age of 18. Liens and structured settlements are issues that can delay a settlement.
To have a short timeline of a Toledo car accident settlement, the person and their attorney should first be prepared with structured settlement numbers. When the person is interested and prepared ahead of time at the mediation or the time of the settlement, that information is available to the person. They can consult with their attorney and make an informed decision in a timely manner.
An attorney can make a concerted effort by having employees whose only job is to identify insurance liens and negotiate the liens down. This can help the staff to be aware of problems and resolve them before the settlement process begins.
An experienced car accident attorney in Toledo obtains the numbers ahead of time even before attempting to negotiate a settlement. They understand the importance of obtaining the lien numbers at the beginning of the case and as soon as the person ends their treatment. The attorney knows the all of the potential problems that can surface in a case and works through the process to solve the problems in a timely manner.
Charles E. Boyk Law Offices, LLC