Selling a Structured Settlements When Medical Needs Change
Filed under: Structured Settlements — Structured Settlement Expert @ 7:35 pm
A personal injury case is a legal process that is the result of injuries sustained in an accident. When an injured party works with a personal injury attorney to seek financial amends for their injuries, the case can be settled out of court. However, if a structured settlement is negotiated the claimant may not be given the entirety of their settlement on the spot. Rather, they are given a financial arrangement that allows for the settlement money to be given to the claimant in payment installments funded by an annuity.
Because this is a case that involves injury, personal injury proceedings often result in enough funding to cover the inevitable medical bills. Oftentimes injured parties are not only faced with medical expenses associated with the accident and initial injury, but they are also faced with loss of wages, and ongoing medical expenses such as those associated with therapy and rehabilitation.
In most cases the payments received through a structured settlement will be adequate enough to meet these ongoing financial needs. But in the face of medical expenses – such as the need for a surgery down the road – the structured settlement recipient may find they are more in need of a lump sum of cash on hand.
In such a case, the structured settlement recipient may seek information on selling all or part of their future structured settlement payments so that they can have all the cash they need at their disposal. If approved by the courts, the structured settlement recipient can work with a purchasing company to exchange ownership of all or part of their future payments.
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