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What is a Structured Settlement?
Personal injury lawsuits have become quite common in this day and age, with more claims being filed with each passing day than ever before. While there are many individuals out there filing simply due to the fact that they are in need of cash loans now NYC plaintiffs are generally fairly scrupulous and are genuinely the victim of some sort of a terrible accident – due to the negligence of an individual or company who causes an accident operating outside the laws. In other words, while tons of people are simply faking a situation because they need cash loans now NYC citizens usually do have a genuine gripe and often do suffer from an injury because someone else did something they weren’t supposed to. However, regardless of how deserving they might be, according to the team at Express Legal Funding of America, the best legal funding NYC has to offer, all too often, with the help of the right lawyer, and a defendant with somewhat deep pockets, regardless if you are telling the full truth or not – these cases will usually start with a personal injury lawsuit, and end in the same way, a structured settlement. The fact is that this is also one of the best options a plaintiff filing such a lawsuit can hope for, as it removed the stress of having to go through a full trial (as well as the financial burden that comes with), and gets them a guaranteed, usually much more than fair, financial payout of compensatory damages. In this article, we will work with the team known for the best legal funding NYC has to offer, Express Legal Funding, and help outline the pros and cons of a structured settlement, following a personal injury lawsuit.
How Does a Structured Settlement Work?
When you file a lawsuit, your attorney tries to negotiate compensation for your injuries with the defendant or their insurance company. Once you and the defendant reach an agreement on the amount the defendant must pay, you create a settlement. During settlement negotiations, the defendant’s attorney might present a structured settlement option to you. Through this option, the defendant pays the total amount they owe over time through installments. You continue to receive these payments until the defendant pays the full award. To do this, defendants usually purchase an annuity from an insurance company, who is then responsible for managing your payments.
The Personal Injury Lawsuit & Structured Settlement
In many ways, this type of a lawsuit and a structured settlement go hand in hand, as it is the most common outcome for such cases, and the best option for the plaintiff, the defendant, and even the insurance company for the defendant, as they will often be the party paying out the settlement. According to the team at Express Legal Funding, the best legal funding Queens has to offer, in the event they need cash loans now Queens patrons can simply sign up online and they can be approved within hours. However, the structured settlement, while slower than legal funding, will be much faster than waiting for the end of a trial (usually less in terms of monetary damages, but you must then deal with the uncertain future of losing). Here are three reasons, and by far the most obvious reasons, why a structured settlement is so common following a personal injury lawsuit is because:
1) It allows both parties to avoid the heavy burden and stresses of having to go to court, and go through the rigors of trial. In many cases, the victim is injured, and will be carrying around an injury, making it much worse for them (Healthwise) to be walking around and going to court.
2) And secondly, it is generally a fairly large financial savings, not just for the defendant, but the plaintiff as well (depending of course on the case, how likely they were to have won it, and what they would have been awarded if they went to trial and the verdict came back in their favor, with a judge who was heavily on their side). In addition, both sides save on court fees, and the defendant will usually be settling on an amount lower than what the judge would have awarded.
3) And finally, the plaintiff is able to get their payout much sooner than they would have by waiting until a trial ended. Unless of course, they contact a team like Express Legal Funding, who offers the best legal funding Queens has to offer. When you need cash loans now Queens funding experts at Express will be able to get you what you need within 24 hours or so, in most cases.
For more information on structured settlements or legal funding, be sure to contact Express Legal Funding today!