Options After You Are Awarded A Structured Settlement

In today’s world, we have so many things, which must get done; we are always in a rush to work, school, church and of course family activities and responsibilities. You name it; we are involved in it to some degree or another. Our priorities sometimes seem to run together like ice cream and cake on a hot summer’s day. In this hurried, fast-paced world, we live in things happen that are unforeseen. Accidents, for the most part, occurs when we are going about our daily lives and doing our normal routines and tasks. They are greatly unexpected, and the old saying about accidents happening when we least expect it, becomes a reality with many people as their lives are turned upside down by sudden changes in destiny. Thus, this misfortune results in thousands of dollars worth of damage and/or medical bills for the unfortunate victims. If they are fortunate enough to survive the accident, they are left with mounting health costs.

In some cases, it is necessary to seek restitution for their loss. Winning a settlement in court is a good thing. However, winning a settlement doesn’t necessarily mean the victim will receive their award in one payment. More times than not, the sufferers are awarded a structured settlement instead of a one-time lump-sum payment.

A structured settlement is simply receiving periodic payments from lawsuit verdicts, or a periodic payment judgment that is enforced on the person at fault. These structured settlements can be small amounts, or larger cash sums depending upon the amount awarded to the victim. If the one at fault is a Corporation the payment generally is a larger amount. If it is an individual, the payment will be a less amount and structured to where it that individual can pay the payment each month. When a victim is awarded restitution for a particular incident, they must consider and reach an agreement with their opponent. The payments can then begin, and they can continue to re-establish their life.

Sometimes it is very difficult to begin rebuilding your life on just a small amount of money each month. This is where you may consider your options. There is help for people who don’t have enough money to pay their bills after being awarded a structured settlement; therefore, you can look at the options you have.

One such option is allowing a company to purchase your structured settlement. This means a company will pay you a flat-sum, or a lump-sum to purchase your structured settlement. You no longer will have the periodic payments. You will only receive the one lump sum of money the company pays you. This option may become a difficult choice. Weighing the pros and cons will help you decide what direction to take.

If you need a lot of money in one lump-sum the option to sell your structured settlement would be a good one; however, if you are in need of structured payments, then keeping your structured settlement would be of most benefit to you. It is something you must decide on your own allowing yourself to think it through, and be comfortable with the decision that you make; after all, your recovery depends a lot on your financial stability, and your financial stability depends on your income.