Have you been offered a settlement in your court case and are unsure if you should accept it or not? Do you know all the facts about settlements? Do you know the answer to, What is a structured settlement? Here is the answer to that question and some advice on what to do if your case is being settled.
First, a structured settlement is a legal payment rendered to you in payments. Instead of getting one large sum of money you would receive a portion of the settlement each year in an annual payment or sometimes in a monthly payment. For example, if you settled for $500,000, then it might get spread across 20 years which would give you $25,000 each year. This can be beneficial or it can be very hard on someone.
If you have been injured and you have more than the first payment amount in medical bills already, then it can be very stressful to think that you have to wait for money that is rightfully yours. There are options though.
If you have received a structured settlement, but you need a lump sum to pay off some debts or medical bills, then you can sell all or part of your settlement for a portion of the amount you agreed upon. You can usually cash out for about 50% - 75% of the amount you are supposed to receive over a period of time.
Sometimes it is smart to cash out a portion of your settlement so that you can clear your debts or pay off your medical expenses. If you are unsure of how to sell your settlement you should discuss this with your attorney because they will be able to give you some great advice on how the process will work and what you should do. Also, they can point you in the right direction with your search for a company that will purchase your settlement.
Now you know the answer to, What is a structured settlement?, and you also have some good advice on how to cash out your settlement. Just make sure you do what is going to be best for you for now and the future and don't allow anybody to talk you into something that is not good for you.
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