What to Do After Receiving Your Payment?
Once you receive your car settlement check, there are a few important things you need to do in order to manage the money and protect yourself legally.
Review the Amount
Double-check the amount on your settlement check to see if it matches the agreement that you and the other parties signed.
Clear Legal Deduction
If an attorney helped with your case, make sure their fees and costs are already deducted from your final settlement amount. You should have received a breakdown of the amount they will collect from your settlement check.
Pay Off Expenses
Use your settlement money to pay for the accident-related expenses first, like fixing the car or caring for yourself, in case you sustained any injuries. This includes medical bills, vehicle repairs, and any outstanding debts caused by the accident or time off work.
Keep the Records
Be sure to keep the copies of everything, like settlement papers, checks, lawyer communication, and receipts. Good records can protect you if any financial questions or tax issues arise later.