Should You Take A Structured Settlement From Your Personal Injury Claim?
The personal injury claims process is over; you have agreed on a fair settlement amount, and now you have another decision on your plate. How will you accept your settlement? You have options for how your financial compensation will be dispersed. And while the best part of a personal injury claim is its successful conclusion with a full settlement, and while you may be eager to obtain your money, it is crucial to take a minute and be thoughtful about the best way to do so. Before making a decision on how to receive your funds, it is important to think about your circumstances. This is because making the wrong decision could prove to be harmful to you in the future.
The good news is that when you work with an attorney, your attorney can advise you on your options for obtaining your settlement. Since the settlement will go through your attorney first, you can chat with your attorney about what would be the best way to secure your funds.
The South Jersey personal injury attorney at Monaco Law PC is here for you when a negligent party injures you. From start to finish, attorney Joseph Monaco will be there for you, helping you throughout each phase of the personal injury claims process, including explaining the different ways that you can obtain your settlement.
Why Would a Structured Settlement be Beneficial?
After a successful claim has been filed and a settlement is ready to be dispersed, a claimant can choose to either obtain their money via a lump sum or a structured settlement. There are pros and cons for each of these payment options.
A lump sum is ideal for individuals needing to have a lot of money fast. For instance, if the unintentional injury accident causes substantial physical bodily harm or a devastating disease condition, having the money readily available to pay for medical treatment could make the lump sum option ideal.
Conversely, if there is no pressing need for a large settlement paid all out at once, then a structured settlement would be in order. A structured settlement splits up a financial settlement into individual payments spread out over a period of time. A victim can decide how frequently the payments are made.
Structured settlements allow victims a steady stream of payments that can offer some financial stability. Also, divvying up payments can be helpful for those individuals that may not have a history of fiscal responsibility.
Speak to a South Jersey Personal Injury Attorney Today
Everyone’s circumstances are different and will dictate which option, the lump sum or structured settlement, is best. An attorney that knows a client and their situation can provide invaluable and sound advice on both advantages and disadvantages of settlement distribution and which is the better choice.
Call the South Jersey personal injury lawyer at Monaco Law PC at (609) 277-3166 for our New Jersey office and (215) 546-3166 for our office in Pennsylvania to learn more about obtaining a personal injury settlement.
We are a New Jersey and Pennsylvania personal injury law firm serving Atlantic County, Burlington County, Cape May County, Camden County, Cumberland County, Gloucester County, Mercer County, Middlesex County, Ocean County, Salem County, and all of South Jersey.
