BP Settlement Process
This should serve as a good guide for the BP Settlement process figure out where you are in the process and what you need to do next to advance your claim in the BP settlement process. After reading the BP Settlement agreement a few times this is not an easy task to get multiple claims into the settlement and the steps below should help you out keeping you on track.
BP Settlement Guide To Follow.
Fill out a contact form to get with an attorney that will talk to you about the possible claims you have for the BP Settlement and what they can do to get you paid. The attorney will ask into your work situation where you live and what you where doing in 2010 after the BP oil spill. These questions are made to find as many claims as possible for you in the BP Settlement. Also the attorneys can give you several bits of the apple as the BP settlement is not the only place they can get you money from the 2010 oil spill.
Attorney will send you out a contract via email or regular mail its your choice how you want to read it and sign it. Most attorneys take 33% fee for the work they do for you in the BP settlement and other actions to get you money for the oil spill. This fee sounds like a lot but will get you case a much better value once presented to the BP settlement and you can’t go after the other people responsible for the oil spill with out the attorneys. Once you have sign and returned the contact to the attorneys you are done with step 2.
You will receive a welcome letter from the attorneys tell you that you are now their client in this welcome package there will also be a letter explaining what documents you have to produce to them to work up your case for you. This is the step where you have to get busy and get them all the documents that you have on their request list. If there is something on the list that you don’t have, well then you tell them you don’t have it and submit them the the documents that you do have. When you are done getting all your documents together you send it back in to the office and call or email them to check that they got everything from you.
Many of the attorneys use out side accounting resources that you might be talking to on getting your documents together. Again once you have provided all the documents that you can provide, you check with them that they have all of them and that they can work up your claim for the BP settlement.
You have a confirmation from the attorney that all documents have been received and the attorneys and accountants are now working up your case. The work up after you have supplied all documents takes about 1 week and after the workup is finished you case is ready for its first submission to the BP settlement fund. At this stage its good to know from the attorney or accountant what numbers you are submitting, this means what are the total value of your claim with the BP settlement fund. Keep in contact with the law firm or the accounting firm doing your claim and get a number from them when they submit your case.
When the BP Settlement fund opens up to receive claims your claim will be submitted to them as per the work up the attorneys did. Right now we know they will open up after June 3 2012, but we don’t know how long it will take them to process the claims in the BP settlement fund. But once your claim has been approved by the BP settlement fund your attorney will get an offer back on your claim. When that happens your attorney will get with you and tell you how much they are offering you to sign a final release with BP (only BP). If the number is good then you will accept the offer and sign a final release.
If the offer is bad, there is two things that can happen. First the attorney can negotiate directly with the BP settlement fund and tell them why he thinks the offer is bad and what they might have over looked. If the offer does not improve enough for you to take it you can then opt out of the settlement and start litigating your case with your attorney.
If you have taken the offer from BP in step 5 its now time to go after the rest of the companies that where part of the 2010 oil spill and that have not already settled with you. It would be Transocean and Halliburton as they have not settled with you yet. Your attorney would find the way into the litigation or settlement talks with these companies and again you would have another bite of the apple just because your are represented by an attorney.
Key Things to Know about the BP Settlement
1. You must opt out before October 1 2012 to be able to opt out.
2. You are only getting a settlement from BP in the settlement
3. Attorney Will protect you interest in this settlement and the next
4. BP Settlement will most likely only last until November 1 2012
5. Speed of getting your case to the BP settlement fund will be very important.