How Are My Car Accident Settlement Proceeds Distributed?

Car Accident Settlement

A lot of people have no idea how a car accident settlement actually works in the real world. First of all, plaintiffs usually don’t get as much money as they think they’ll get. By the time you settle your case, you usually have to compromise on the amount of money you demanded. And, by the time you pay all of the outstanding bills resulting from your Louisiana car accident, there isn’t all that much left over.

It’s important to keep in mind that your car accident lawsuit is meant to make you whole. It’s not meant to make you rich. The goal of filing a claim is to be reimbursed for any expenses you’ve experienced as a result of the crash. It’s also to make sure you’re fairly compensated for any pain and suffering the accident caused.

This article will give you a better idea of how a lawsuit settlement really works. It will also let you know how your settlement proceeds are distributed. This way, you have a realistic view of what may happen with your own car accident lawsuit.

How Do You Get Your Settlement Proceeds?

Typically, you won’t receive a large check that you can take to the bank and cash. Odds are, it’ll take some time for you to get your check. And there could be a few days before it clears your bank account. So, don’t plan any big shopping sprees just yet!

When you get your settlement check, it could be made out to you or your Lake Charles automobile accident lawyer. If it’s made out to both of you, then you’ll both need to sign the check in order for you to cash it. Your car accident lawyer will call you into the office to sign the check. They’ll also let you know how the car accident settlement proceeds will be distributed.

Your settlement arrangement may also call for a separate check to be made out to your medical provider. If your personal health insurance paid for your medical treatment, they’ll expected to be reimbursed. This will happen before you get your portion of the settlement proceeds. If there is no separate check to cover medical bills, you may have to wait for your lawyer to pay the third-party providers before you get your check. This process can take weeks or it can take months. It all depends on the facts of your case. You have to be patient. You need to remember that it may have taken months or years to actually settle your case. You can wait a few more days or weeks.

How Much Will Your Car Accident Settlement Be?

Your settlement will be for whatever amount you and your attorney agree to. Usually, if you end up settling your case, you’re going to get less than your original demand. For example, you may sue for $500,000. However, in an effort to get your money quickly, you may agree to settle for $350,000. Knowing how expensive it can be to go to trial, this isn’t a bad settlement amount. It also guarantees that you’ll get money. If you go to trial, there’s always the chance that you’ll lose and get absolutely nothing.

The other thing you need to keep in mind is that your Lake Charles accident lawyer isn’t going to encourage you to accept a lowball settlement. That’s why you hired a lawyer. If you represented yourself, there was the risk that the insurance company would try to take advantage of you. They’d offer you a low settlement and hope you were desperate for cash. They’ll also ask you to sign a settlement release. This release will preclude you from going back to the defendant for more money later on. Your Lake Charles accident attorney won’t let this happen. They’ll review anything the insurance company asks you to sign before you pick up a pen.

Contact an Experienced Car Accident Lawyer in Lake Charles Right Away

When you get into a car crash, a dozen things go through your mind. You have no idea how you’re going to be able to get your car fixed. You don’t have the kind of money to pay for this out of pocket. The same goes for your medical bills. That’s why it might be time to call an experienced personal injury attorney in Lake Charles. They can sit down and go over your case to see what your options are. They’ll work hard to try to get you as much money as they can.

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