You may be receiving payments from a structured settlement if you have won a personal injury lawsuit and received a sizable settlement, or if you settled out of court for a large sum of money.
So what is a structured settlement? A structured settlement is an arrangement whereby a successful plaintiff in a personal injury cases receives the settlements proceeds in installments over a period of time. A structured settlement pays out a tax-free, guaranteed income stream to the recipient over the term of the settlement. The payments can be structured in various ways, including yearly payments, monthly payments, deferred payments, or an initial lump payment with monthly payments thereafter.
Structured settlements are not all alike. For example, if you are receiving a structured settlement as the result of a lawsuit involving an injury or a medical mistake, the terms of the agreement can vary depending on the nature of the injury and to what degree it affects your well being.
Can I later modify the payout from my structured settlement?
Although you are NOT able to alter the terms of the original settlement you can sell all or a portion of the future payments in exchange for a lump sum. This typically happens where you have a pressing financial need and need a lump sum of cash rather than monthly payments or annual payments. This process is regulated by state statutes for your protection..
There are plenty of valid reasons why you might want to sell a structured settlement. Some people sell their annuity payments to pay medical expenses or settle credit card debt. Others may need the money to start a business, invest in real estate, or enroll in college.
No matter how your life changes, an experienced company like CBC Settlement Funding can help you get a lump sum of cash when you need it from your structured settlement.