Are you involved in a personal injury case? If you have been injured at the hands of another party you may be eligible for compensation for those injuries. Your attorney will guide you through the process of filing a claim and the litigation process. The entire process can take months so you need to file the claim soon after you sustain the injuries in order to give your attorney time to gather evidence. Most attorneys and insurance companies will work to get a structured settlement as it keeps both parties out of the courtroom where the fees can become much higher.
Structured settlements seem like the obvious choice for many people because it allows you to have money for a long period of time. You don’t need to worry about not having money to help pay for your medical needs in the future because you will have monthly or annual payments. It’s a great way to pay for your cost of living needs and other things as you focus on getting better.
If you do not want to have a structured settlement you can opt for a lump sum payment up front. This will allow you to acquire the entire amount you need to pay for your expenses and then you can use the rest of the money as you please. Most insurance companies do not allow you to take a big payday as it is harder for them financially so they may offer a partial lump sum amount up front and then discuss the structured settlement for the rest of the money.
Once you have a structured settlement it is up to you to decide if you want to keep it and receive the money as it has been arranged or you may decide that it would be nice to have a lump sum now. You can sell the structured settlement if it is permitted to do so in your state. This will allow you to get all the money that you need to pay for your pressing expenses and hopefully to have some left over to invest into other things.
The money that you acquire through a structured settlement payout needs to be managed carefully. So many people let greed get the best of them and they end up spending all of the money. You need to be careful because there is no guarantee that the injuries you sustained will not return and that you won’t need additional treatments for them in the future. Having a structured settlement gives you a guarantee that you will always have a source of income. Now whether or not you can afford the medical treatments from the structured settlement depends on how hard you fought to acquire a higher settlement. It’s also based on how extensive your injuries are and what you can do about them.
The reason why a lot of people do not like structured settlements is because it takes years for them receive all of the money from their personal injury case. There are some people that don’t mind having a set income for life but there are many individuals that feel like the structured settlements are restricting as they cannot take the money and spend it on extravagant things because it takes so long to accumulate the money.