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Winning a civil court award provides prevailing parties with a sense of joy and relief. For one, the process of litigating a case is over. You likely found yourself thinking about what you were going to do with all of that money until reality hit.
Collecting the payments that a judge ordered the opposing party to pay can take months, years, or even decades to acquire in its entirety. Not to mention that the value of the award you received shrinks with every passing year due to the concept of money’s time value.
If you are considering cash for structured settlement options, then continue reading this post for more information, including how the process works and whether or not it is right for you.
Structured settlements are an effective way of collecting your court award in a single, lump-sum payment. Depending upon the details in the final court order, the opposing party has the option to pay your lawsuit settlement in payments.
Structured settlement companies can arrange for you to obtain the money you need now under the following types of claims:
- Personal injury
- Medical malpractice
- Product liability
- Wrongful death
While the above-referenced list is not entirely exhaustive, it helps you understand the options under which a structure settlement company can help. You can use the money to off past medical expenses, ongoing medical care, student loans, or as a down payment on a house.
The money you won is yours, and the only way to guarantee that it is available is when it is in your hands.
The harsh reality of winning a lawsuit is that prevailing in court is only half of the battle. Following the issuance of your case’s final court order, you must then work toward collecting payments from the opposing party. You have bills to pay immediately, but the cash is simply not available.
In this situation, working with a structured settlement company can alleviate this problem. The process for obtaining cash for structure settlement awards involves the following steps:
- Decide if you need money for structured settlement now
- Meet with a structured settlement company to discuss your situation
- Obtain a quote that outlines the terms and conditions of the structured settlement transaction
- Accept or deny the presented agreement
- Facilitate the approval process with the judge assigned to your civil case
- Receive the agreed upon lump-sum offered by the structured settlement company
The company that you are considering working with should have demonstrated knowledge and experience in this arena. Their representatives must go back to court to gain a judge’s approval, which means that you must be careful in whom you hire to offer you a lump sum cash for your structured settlement.
There are several compelling reasons for wanting the cash that you won right now. First, there is no guarantee that the company or individual ordered to pay your court award will be around over the lifetime of paying your claim. If they stop paying, file for bankruptcy, or die, you are back in the courtroom asserting your rights to compensation, yet again, before a civil court judge.
The second telling sign that a cash for structured settlement option is right for you is by a simple test of knowing whether you need the money for major life expenses, including:
- Current and future medical bills
- Paying off debt
- Having money for college
- Buying a home
- Starting a business
- Taking care of your family
Imagine what you could do if the funds were in your bank account right now. The money you won in court is yours to do with whatever you wish. Working with a structured settlement company can speed up the award collections process while readily making money available as they chase it down the road.
Final Thoughts and Considerations
As you can see, there are several strong reasons why cash for structured settlement awards work for so many people who are tired of fighting and just want to get back to living their lives.
After all, you weren’t given financial compensation because you went through something easy. The courts gave you an award for all of your losses and hardships.
Therefore, you will find it helpful to work with a structured settlement company when wanting to receive an immediate, lump-sum payment so that you can get the cash you need sooner rather than later.