When you or someone you love has sustained a personal injury in New Mexico, it is important to consult with a skilled legal professional. Victims of accidents and injuries may be able to pursue financial compensation through legal action.
Many people are unaware of how long injury and accident claims take. However, even if you successfully settle your personal injury case, you may not know how long it will take to receive the compensation that you are due.
Some victims have financial pressures that the compensation from their case will help to alleviate. These may include:
- Medical expenses
- Outstanding bills
- Lost wages and income
- Property repair and replacement costs
- And more
Because of this, you will probably be eager to secure your recovery as soon as possible. Typically, it takes around 6 weeks for personal injury victims to receive the financial recovery that they are owed.
There are also specific actions that victims must take to ensure that they receive their compensation as quickly as possible.
Steps for Receiving Compensation
Unfortunately, recovering the settlement from your personal injury case is not only about waiting. There are a few important steps that you must complete following a successful legal claim.
Signing a Release
Before recovering compensation from an insurance provider, you will need to sign a document known as a “release.” This document ensures that you will not pursue any other legal action related to the accident or injury in question.
This protects the opposing party from further lawsuits or claims revolving around your injuries. It is common for personal injury victims to sign a release before getting paid.
Process of Release
After you submit the release, the relevant insurance company will need to process the document. This may take several business days or weeks.
After your signed release is processed, the company will issue the settlement check. These checks are usually made payable to both the victim and their attorney.
Legal Costs and Attorneys’ Fees
After your legal representative receives the settlement check from the relevant company, they will deduct a certain amount. There are several items that must be subtracted from the total settlement before you get paid.
For instance, your attorney will use the settlement amount to pay any liens related to the case. They will also use the settlement check to pay any victim expenses arising from the case.
For example, suppose that your law firm covered certain costs related to your injury. In this case, they will repay these debts before you receive compensation.
Most personal injury law firms operate on a contingency fee basis. This means that clients agree to set aside a certain percentage of the recovery from their case to cover the cost of legal services.
Your lawyer will subtract the agreed-upon percentage of the financial compensation to cover your payment. In many cases, a legal professional will also prepare an itemized statement of services.
Apart from attorneys’ fees, other fees may include:
- Document filing fees
- Copies of documentation or court transcripts
- And more
This statement of services will detail all of the work performed and resources provided by the legal professional.
Reasons for Possible Delays
In some cases, payments to the victim are delayed. There are many factors that could lead to a longer wait time before you receive the compensation that you are due.
For instance, some defendants will provide customized release forms. When that happens, the legal representatives of both parties must review the document and agree to the terms.
It can lengthen the process if the plaintiff and defendant do not agree to the terms of the release. It is vital to have an accomplished New Mexico personal injury attorney review any documentation before you sign it.
Cases that involve estates, including wrongful death cases, may require additional processing time. This can also result in delays.
Contact Hunt Law Firm
When you need premier legal services in Northern New Mexico, contact a personal injury lawyer at Hunt Law Firm. Our skilled professionals are dedicated to fighting for the rights of those who have been injured due to the negligence of others.