Is A Structured Settlement Right For Me?
Suffering an injury in a Pennsylvania accident can be incredibly difficult, leading to costly medical fees, income loss and emotional strain. Understanding your compensation options and having a legal professional negotiate with insurance companies for you can help to alleviate your frustrations.
One of the questions you may have is understanding how settlement funds are distributed. For example, a lump sum or a structured settlement could be offered. A Bucks County personal injury attorney will listen to the facts of your case and inform you of possible outcomes.
Payment Plans and Full Payment Options
Essentially, the difference between a lump sum and a structured settlement is how the funds will be paid. When a lump sum is awarded, the payment is completely settled at one time. But if a series of scheduled payments is put in place, it is referred to as a structured settlement.
How compensation funds will be disbursed will depend on a variety of tractors, but there are broad guidelines that could help you in determining how your situation could be settled. For example, structured settlements are often more common when a compensation amount is high because it may be difficult to impossible for the responsible party to access a large lump sum.
Structured settlements do bring financial relief as accident victims are able to plan their payoff dates to align with the payments from the compensation award. Lump sums may be preferable, but they are not the only solution. Being open to a structured settlement could smooth the negotiation process for you as it can be an acceptable path to resolution for all involved.
Negotiations After Car Accidents
When you hire an experienced car accident attorney, they can negotiate a structured payment plan with insurance companies, when appropriate. There are settlement calculators insurance companies use to determine payoff amounts and timelines. There is always a date when the final payment is made. Agreeing to a structured settlement still includes a date when the expense will be completely settled for both parties.
You want to be sure you are working with a lawyer you trust as once a settlement is negotiated and agreed upon, you can’t go back and ask to have the dispute renegotiated. Structured settlements are final. Before you sign off on the agreement, a qualified Bucks County personal injury attorney will walk you through the pros and cons and inform you of what could occur should you decide to keep pushing for a higher amount or different terms.
Are you wondering if a structured settlement is appropriate given your accident injury and expenses? Before agreeing to terms you don’t understand, talk through the specifics of your situation with the family law attorneys at Kardos, Rickles & Hand. Personal injury professionals have the talent and skills you need. Once you share the facts of your situation with your attorney, they will inform you of how a structured settlement or lump sum would affect your individual situation. To get started, schedule your initial consultation. Call 215-968-6602.