It may be difficult to obtain a settlement for your losses or damages after suffering an accident. If you don’t know the exact procedure for claiming a settlement from the defendant, and if you’ve won the case and are on the winning side, things aren’t over yet.
Getting the decision of winning the lawsuit is just the beginning. From here until you receive your full settlement amount in hand, real hard work will be required. The losing party may delay your payment and make you wait a long time to completely clear your settlement sum. Furthermore, because car accident cases are prevalent, courts take their time to complete settlements.
How Soon Can You Expect Payment For The Damages?
If the losing party is slow to pay, your car accident claim may take some time. If a compensation settlement agreement is reached, it will usually contain a deadline for when the payment must be delivered. Typically, such circumstances have a duration of 19 to 31 days. The collecting party can charge interest on the unpaid amount if the money isn’t paid on time.
The interest is added to the outstanding amount, putting pressure on the defendant to pay the debt on time. For each judgement, different periods are used, which are determined by statute in the state where the case was heard.
What If The Other Party Hesitates To Make Payment On Time?
If you obtain a court judgment and it pertains to an automobile accident claim, the other motorist who was involved in the collision is responsible for clearing the settlement. The driver’s insurance company, on the other hand, is usually responsible for paying off the judgment.
Because the insurance businesses are well aware of the fines that will be imposed if they fail to pay out the claim on time, payments generally take 14 to 46 days after the court’s decision. In rare circumstances, insurance firms miss payments.
If an insurance company is slow to act or does not pay the amount specified in the court order, you may have a few different resources. One such recourse is to file a petition for contempt. This document asks the court to find the insurance company in contempt of court for disregarding the court order.
If the court decides that the insurance company is indeed in contempt, it may order the company to pay a fine, which will go towards your court costs. The court may also order the insurance company to hurry up and pay the outstanding amount.
Garnishment Method
It’s a common approach for obtaining a jury or court judgment in all 50 states. It may be delivered to the bank where the losing company maintains an account. Assume that the situation occurs at any time during the ongoing case. In this scenario, the bank of the losing party will be immediately bound to remit the amount to court so that your payments are processed by removing money from the losing party’s account.
Garnishment can also be used to get funds from a person’s bank account or wages in the case of a defeat. The amount owed is typically far higher than an individual’s taxable earnings, making garnishment feasible. In such a situation, until the losing party individual pays off the full amount owing, your employer will deduct 25% each week from your weekly wages.
If you have met with an Auto Accident in New Jersey and are willing to get the settlement amount, you will have to appoint a well-experienced legal representative. Make sure you know all other types of judgments or executions available in the state you are living in. If the losing party is not willing to pay, you can also demand judgment for garnishment.
Reputed injury lawyers can be a big help when it comes to filing such claims. They can manage everything from start to finish in order for you to file your claim correctly, and they will get you the sum of money as soon as possible. It’s also a good idea to gather all necessary papers such as evidence, police reports, and so on so that they may assist your case later on.
If you have a legal professional to handle your case, he or she may take over the responsibility of doing all that is needed, allowing you to focus on your health.