Structured Settlement Payouts

Benefits of Structured Settlement Payouts

To help you overcome a difficult financial situation after being affected by personal injury, the payout from a structured settlement would be a huge help. When faced with a sudden life-changing situation, one that makes it impossible for you to return to work for a long time, you probably feel shock, disbelief, and panic. After all, you have a family, a home, bills, and now, you wonder how you can continue taking care of financial responsibilities without income.

Well, in the case of personal injury due to negligence or neglect on the part of the other person, you would have the option of taking that person to court. Personal injury could be caused by a number of things such as the examples listed below:

• You were hit by a car while crossing the road because the driver was texting

• You underwent surgery but because the surgeon left a sponge inside your body, a major infection ensued

• You fell down a flight of stairs at work because the handrail was damaged and broke

In the first scenario, you would need to file a civil lawsuit. For the second scenario, a different type of lawsuit would be filed, known as medical malpractice. Then for the third scenarios, if the lawsuit were won, a monetary award would be granted in compensation for the personal injury you endured. Although a lump sum settlement is offered in some cases, usually money awarded would be in the form of a structured settlement whereby you would receive regularly scheduled payments over a long period. 

With regular income in lieu of you working, you have the chance to get over the shock, knowing with confidence the bills would be paid. In addition, this would give you time needed to focus on nothing but healing from the injury. Of course, it is not mandatory that an advisor or counselor be used, simply another tool available for people receiving money through a structured settlement. 

Just imagine not being able to return to work for six months, one year, five years, or ever because of a situation you had no control over. Unfortunately, millions of people experience this every year. With a structured settlement, the number of benefits associated with payout is tremendous. Again, the primary benefit is getting the bills paid. With this, you would not worry about losing your home, having your car reposed, utilities being shut off, or not being able to put food on the table for your family. 

Another benefit of structured settlement payouts is peace of mind. Being in a sudden situation whereby you can no longer work is extremely stressful. Then, if you deal with any other type of physical and psychological issue, added stress would only exacerbate the problem, which could put you in the hospital, lead to depression, or worse. Just knowing finances are being handled changes the entire scenario for the better. 

In addition, by being able to meet all your financial obligations, your good credit standing would not be damaged. As we all know, when payments to the mortgage company, car company, credit card companies, etc, are late or not made at all, all three credit reporting agencies are notified. Within a short amount of time, an excellent FICO score of 800 would begin to drop and in most situations, to the point of being so bad that it would take years and years for the credit to be repaired. 

Finally, receiving regular payments connected to a structured settlement would help you remain current on all financial obligations. Because of that, annoying collection calls would be avoided and filing for bankruptcy would never be a consideration. The bottom line is that when structured settlement payments are made in the amount needed, your life would be virtually unchanged from a financial perspective.