An insurance company or your attorney may receive the check that you were awarded during an active lawsuit. Lump-sum payments and structured payments are two types of settlements that typically garner the issuance of one or more checks.
The Issuance Of A Monetary Award
Many legal processes that involve a plaintiff suing a defendant for negligence may wind up involving the disbursement of funds. The person who was a victim may begin a legal process that will involve seeking funding for medical charges or lost wages. The issuance of a monetary award will need to be handled in a set way. An insurance company often gets involved in civil matters. They may be the one who will ultimately cut a check that will be awarded to the victim.
A monetary award may be susceptible to a lien. For instance, if you were injured and granted a check, you may have outstanding medical bills that you must pay. Your attorney would be able to aid you with deducting the funds essential for the bills that you owe. Any fees left over would go to you and your attorney. Of course, you would have to have the check cashed first. This may involve your attorney handling the cashing process or you seeking a money service provider who will cash the check for you.
A money service is a licensed facility that offers prompt cash-checking processes. The cashing of a lawsuit check will require photo identification and your signature. Before you cash the check, an insurance company or your attorney may require you to sign legal paperwork that recognizes that you received the monetary payment.
Payment Policies
A victim may have the option of choosing a lump-sum payment or a structured payment. Both types of payments will involve the issuance of one or more checks. With a lump-sum payment, a victim is able to access their monetary award in its entirety. This will limit check cashing fees, plus will make it possible for an individual to handle any debt that they accrued as a result of the act of negligence that they were the victim of.
A structured payment plan involves receiving a portion of a monetary award on multiple occasions. Payments that are received will be much smaller than a lump-sum payment, but an individual will have access to cash on a consistent basis. If a structured payment plan is selected, it will be essential for a money service provider to be used on a recurring basis.
If you need to get your lawsuit check cashed, contact a local service provider.
Share20 December 2022
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