Woman opening up her settlement check

The Process of Receiving a Settlement Check in Chicago

You’ve made it to one of the hardest parts of a personal injury claim: agreeing to a settlement. As a client, you may have been through the process of litigation or just dealing with an insurance company. However, before you can receive your settlement check, there is still another course of action to be taken to receive your check.

Here is the procedure that must be followed before you obtain your check as explained by a Chicago personal injury attorney.

Agreeing and Accepting the Settlement Amount 

One of the hardest parts of your personal injury claim is the negotiations that hopefully lead to a successful settlement. Your attorney has likely gone back and forth significantly with an insurance company or a defense attorney.

Your attorney may have also been in extensive contact with you. This contact may include any terms and conditions that can or will be reflected in a settlement agreement.

Regardless, your personal injury attorney has reached a settlement agreement. Once accepted, you will sign the agreement that represents the acknowledgment of the terms.  

Agreeing and Accepting the Type of Settlement

Once you have agreed to the settlement amount, you will need to choose how you want to obtain it. 

You have two main choices for obtaining a settlement check:

A structured settlement is when you receive periodic payments as opposed to one large sum. A lump sum is when you will receive the entirety of your settlement amount in one large payment.

Signing Your Personal Injury Settlement Documents 

Once you have agreed to the amount and type of settlement, you will need to sign the settlement documents. A personal injury settlement is a contract between you and the adverse party. Your agreement is noted on your part when you sign the agreement binding you to the terms. 

If a personal injury settlement occurs during litigation, your attorney, along with the defense attorney, will inform the court that you have reached an agreement. The Judge will issue a Court Order of Settlement and any stipulating steps that must be followed. 

Settlement Amount Goes to Your Attorney

After all is said and done, the settlement amount will be first sent to your attorney. 

Your attorney will deposit the settlement check into their client trust account. A client trust account is an escrow account that is maintained by an attorney to keep client funds separate from their own funds. 

Once the settlement funds clear, your attorney can begin the process of distributing funds to you. 

Contact a Chicago Personal Injury Attorney Today

For more information on the process of receiving a settlement check in Chicago, please get in touch with us for a free consultation. We serve all types of personal injury claims through Chicago and can help get you the settlement you deserve.