Approximately 27 million people are treated for injuries in emergency rooms in the United States each year. If you find yourself on the losing end of a car accident or work-related fall, suing the negligent party may be necessary. A personal injury lawsuit is designed to help people recoup the expenses of receiving medical treatment for injuries caused by an accident they weren’t at fault for.
Some people think that the settlement they receive from a personal injury lawsuit will be a lump sum. In many cases, structured settlements are given out in these cases. With a structured settlement, the money a person owes to an injury victim will be spread out over time.
Below are some of the things you need to know about structured settlements before agreeing to this form of payment.
1. Structured Settlements Provide a Steady Stream of Income
Some accident victims let their desire for a lump sum settlement cloud their judgment. In some cases, this type of lump-sum settlement will not be available. If the party that was at fault for your accident doesn’t have enough money or assets to pay the balance, they will usually request Structured Settlements.
By accepting this type of settlement, you can develop a steady stream of income. Having this steady source of monthly or bi-monthly income can help you establish some financial stability.
This is why you need to think long and hard about the benefits of a structured settlement before writing it off. Consulting with your lawyer is crucial before you make this important financial decision. They can give you details regarding how much you will receive from the structured settlement and how long these payments will go on for.
2. Tailor a Structured Settlement to Meet Your Needs
One of the biggest misconceptions people have about structured settlements is that they lack flexibility. The key to getting a customized structured settlement is ironing out the details of this financial arrangement before signing off on it.
In most cases, you will be able to customize details regarding how often you are paid from a particular structured settlement. Navigating your way through the complexities of a structured settlement will require some legal assistance.
Working with a lawyer who has experience with these types of settlements can help you avoid problems along the way. Trying to negotiate the terms of a structured settlement without this type of guidance can result in a number of mistakes being made.
3. Selling Your Structured Settlement is an Option
There are some people who would rather have a lump sum payment over a structured settlement. Luckily, there are a number of companies that will buy your structured settlement with a lump sum of money.
Taking the time to talk with a few different companies about selling your structured settlement is wise. By doing this, you can get the best deal on selling this settlement.
Is a Structured Settlement Right For You?
Deciding whether or not to accept structured settlements can be difficult. If you are confused about how to handle these complicated matters, working with legal professionals is vital.
Are you looking for more information about structured settlements? If so, be sure to check out the rest of the blogs on our website.