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How Long Can a Lawyer Home Your Settlement Check?
In the legal world, lawsuits are becoming more and more prevalent than ever before – and while you could certainly say, yea people are probably becoming more vindictive than ever before, the fact of the matter is that people are just more negligent and the world is a lot less safe than it once was in certain ways. When it comes to a personal injury claim Suffolk County courtrooms have a seen a huge rise in car accident crimes, and the fact is that no matter how bad it is, suing is usually on the person’s mind, as sadly most of us aren’t doing great right now and we need cash loans now Long Island residents were especially hit hard with COVID issues. and according to Express Legal Funding, the best legal funding Long Island has to offer, there is a lot of settlement money out there and its simply too good to pass up. When you ask some people, who have been through a personal injury claim Suffolk County laws are usually fairly standard with how they award damages, so when one woman was asked, she said she wishes she broke her leg as that would result in over a million dollars for her.
Another common issue that many plaintiffs have is waiting for a long trial to end and then having to wait for payment. When your case finally settles, you will probably want to ask how long your lawyer can hold your settlement check. After several months or years of legal proceedings, you deserve to get paid, especially if you have bills piling up. When you finally reach a settlement, there are a few more things you and your lawyer need to do before the defendant gives your lawyer the check. Even so, once the check reaches your lawyer, there are a few obligations they must attend to before they give you the final balance. While the fact is that you certainly need cash loans now Long Island lawyers, depending on the details of your case or your settlement agreement, the actual time it takes for your check to be delivered varies. According to the best legal funding Suffolk County has to offer, Express Legal Funding, while many settlements finalize within six weeks, some settlements may take several months to resolve. Here are some of the reasons why your settlement check may arrive later than expected.
The first form you have to sign to get your settlement is a release form. This form is a legally binding agreement stating that you will not pursue further legal action against the defendant for your specific case. Most defendants or insurance companies won’t give you a settlement check unless you sign the release form. However, if you have concurrent lawsuits against the same defendant for a different matter, you don’t have to stop pursuing those claims. The release form must state which claims you plan to release the defendant or insurance company from. Usually, your lawyer reads through the release form before you sign it to make sure that the terms are fair. Keep in mind that you may have to sign multiple release forms depending on the number of parties involved in the case. If the defendant has an insurance company handling your claim, you may have to sign two release forms; one for the defendant and one for the insurance company. In rare cases, you may experience delays if you or the defendant disagree with the provisions of the release form. This usually requires the release form to be redrafted.
Every state has different laws regarding the amount of time a defendant has to issue a settlement payment once you sign the release form. Unfortunately, some organizations use this to delay the processing of your settlement check as much as possible. According to Express Legal Funding, the best legal funding Long Island has to offer for example, a defendant or insurance company may take the full time given by the law to process your settlement check once they receive your release form.
This means that if you live in a state where the legal processing time is 30 days, the defendant or their insurance company may take 30 days to formally accept your release form.
In most cases, the defendant sends the check to your lawyer. Once your lawyer receives the check, they usually hold it in a trust or escrow account until it clears. This process takes around 5-7 days for larger settlement checks. According to Express Legal, the best legal funding Suffolk County has to offer, once the check clears, your lawyer deducts their share to cover the cost of their legal services. They also pay any outstanding liens or bills for you. After your lawyer honors all financial obligations regarding your case, they send the check to you by mail or wire transfer.
For more information on all there is to know about legal finding and more, be sure to contact Express legal Funding today.