Recently, a lawsuit that I had been involved in for 2 years over a car accident finally settled. I was just wondering how long until I will recieve the money. Also, can the insurance company decided to take the money back?
2006-11-19 09:58:29 · 7 answers · asked by Girly 2 in Politics & Government ➔ Law & Ethics
Two years is actually fast in legal terms to conclude a claim. Usually, the carriers pay quickly to close the file; I'm fairly positive your attorney will receive the Joint Tortfeasor Release and Indemnity Agreement within a few days of the agreed upon settlement. After you have signed the documents, the carrier cannot "take" the money "back" unless you somehow obtained it fraudulently.
2006-11-19 10:28:48 · answer #1 · answered by D 4 · 0⤊ 0⤋
Most of the other answers are on-target; one it's settled (and signed), the deal is finalized and unless you lied or something, the money is yours. Also, you likely won't see the money for a bit of time. Some questions, though:
Who is the settlement with? Usually, you get hit by a car by some guy ("X") but X never pays you; instead, X's insurance company takes over and negotiates with you(r lawyer) and ultimately pays out. If X is paying you directly, you may have better luck than if you're dealing with the insurance company.
Also, there are some payment schedules in settlements sometimes; you might get $100,000 in five yearly payments of $20,000 each (or whatever). There are companies that will buy your settlement from you and give you cash today of $60,000 (or whatever); this way, you get more cash up front. If you invest the $60k at normal interest rates, you will wind up with $90k (or whatever) after five years, that is to say, less than you would have had under the original settlement (this, of course, is how they make their money). But it does give you money up front, which may be preferable for a variety of reasons.
2006-11-19 10:16:58 · answer #2 · answered by rd211 3 · 0⤊ 0⤋
Like others have said you'd hire a lawyer and go to court. You can find a lawyer who will take 10-15% and not get paid unless he wins (assuming a decent case). However you run the risk of having to pay court costs if the judge goes against you being yours and maybe the company if they file a counter suit. Also your case may not be so cut and dry but their insurance would cover your issue be it your fault or theirs and they would rather have it taken care of then risk public exposure. However take them to trial and they may fight back claiming your fault and you get nothing but a bill.... or maybe less. I'd say take a look at the serious of the burns vs the offer. If its nothing major in burns such as scared face or cant live a normal life then go for it. If its minor take the money and let it be.
2016-03-29 01:57:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Once a case is settled, it is settled. Unless the insurance company found out that you committed fraud to get the settlement, they will never back out of a good-faith settlement.
Most states require payment within 21-30 days of all the paperwork being signed by you and your attorney.
2006-11-19 10:07:57 · answer #4 · answered by jerry 5 · 0⤊ 0⤋
I'm assuming that YOU are the PLAINTIFF in the suit. If so, you know it has been settled, your lawyer should be able to fill you in on the details.
A court award cannot be taken back by anyone except by court order.
NOTE: Just because the Court found in your favor doesn't mean that you will receive any checks anytime soon. Rulings are one thing. Getting them to pay up is entirely another.
Good Luck.
2006-11-19 10:06:52 · answer #5 · answered by Len_NJ 3 · 0⤊ 0⤋
Don't hold your breath. This can drag out for quite a long time before you see anything.
2006-11-19 10:08:03 · answer #6 · answered by Pundit Bandit 5 · 0⤊ 0⤋
that sucks!
2006-11-19 10:06:51 · answer #7 · answered by Anonymous · 0⤊ 0⤋