When two individuals or legal
entities get into a dispute, one often ends up bringing the other to court.
This happens quite commonly in the United States; statistics from the courts
service show that there are more than 250,000
civil cases in America each year.
When the plaintiff (the person who
brings a case) wins, the money they receive is called a settlement. Typically,
you receive this money in a single lump sum. Sometimes, however, a judge will
decide to award the money as a structured settlement instead.
This means that you get your money
in regular payments over a given period of time. If you are awarded $100,000,
for example, a judge might decide to give you $10,000 a year for ten years,
rather than handing it to you all at once.
Read on as we delve a little deeper
into the subject of structured settlements, and share some information about
accessing funds.
Why
Are Structured Settlements Awarded?
Judges decide to award structured
settlements for a number of reasons. First and foremost, they may feel that the
interests of the plaintiff would be best served by this arrangement; if the
person is young and will have ongoing expenses for many years, it makes more
sense for them to receive a structured settlement.
Similar logic applies if the
plaintiff has a family that needs to be taken care of. Education costs and other expenses incurred by
dependent children tend to arise in a consistent fashion over the course of
many years.
The
Advantages of Structured Settlements for Plaintiffs
Even if you don’t have concrete
obligations that make a structured settlement necessary, there are reasons why
it can work better for you. The most obvious one is that the temptation to
spend your settlement recklessly is removed; you can’t spend what you don’t
have!
What
to Do if You Need Your Money Up Front
If a judge gives you a structured
settlement, but you need a large amount of money at once for one reason or
another, you have options. There are companies that, for a fee, will trade your
structured settlement payments for a lump sum.
Rightway Funding is one such
company. Check out these reviews if you’d like to know more about the
service it provides.
Getting
the Right Payment Solution for Your Needs After a Courtroom Win
A structured settlement offers a
victorious plaintiff a number of undeniable benefits. For one thing, it keeps
you from blowing all your money as soon as you get out of court!
However, it’s not always as simple
as that. Many people have significant financial obligations that need to be
met. In that case, it might be worth looking into alternative options when you
receive your structured settlement.
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