Structured Settlement Sales Can Help Claimants Start Anew
Filed under: Structured Settlements — Structured Settlement Expert @ 12:35 pm
Plaintiffs in accident cases sometimes settle with a structured settlements in lieu of a single payment. This type of settlement can make a great deal of sense because it provides for the plaintiff over a set period of time with monthly, bi-annual or annual payments. This means the injured person has a guarantee of tax-free income.
As useful as structured settlements are, however, sometimes personal needs change. When injuries are recovered from, it might be time for a person to get back on their feet and start anew. For many, this means returning to school to train for a new field of employment. The costs related to this can prove prohibitive.
Companies that specialize in the purchase of structured settlements offer structured settlement recipients lump payouts in return for their regular settlement payments. This means the structured settlement recipient gets cash in hand to fund educational pursuits, and the company receives the regular payments instead. A court must generally approve of this type of arrangement. If the court deems a structured settlement sale is in the best interest of the structured settlement recipient, the sale can go through.
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