Understanding a Structured Car Accident Settlement
Some believe that the extent of the damage is not worth the trouble of hiring an attorney or that the subsequent legal proceedings will be costly and lengthy. What they fail to realize is that the way your case may appear at first can change dramatically. There are dozens of factors that go into resolving a car accident claim, from determining fault to understanding insurance policies. Even if you do win a settlement, there is still the matter of collecting it once it has been approved and that is almost never a smooth process. To make sure that your rights are protected, consult a St. Louis car accident attorney from The Hoffmann Law Firm, L.L.C. to handle these responsibilities, especially when it comes to setting up a structured settlement.
What Is a Structured Settlement?
If your St. Louis car accident attorney has won your claim and a fair settlement amount, you will receive your money in one of two ways. You may receive a one-time lump sum of the entire settlement amount or the defendant’s insurance company may pay monthly installments until the debt has been cleared. If you have hospital debt that needs to be paid off quickly, this may not be a viable option for you.
Third-Parties Who "Buy" Structured Settlements
Some accident victims will use a third-party who is willing to “buy” the structured settlement from them. This gives them a large one-time payment needed to relieve the debts incurred from the car accident. However, you will lose money in this type of transaction, as you are going to have to pay the buyer a fee for the service.
You must first agree to the terms set forth by the buyer and then the buyer will ask for documentation regarding the structured settlement and the entity that is obligated to make the payments. The buyer will not go forward unless they are completely convinced that monthly payments are going to be made to them until the full amount of the debt has been satisfied.
Before You Sign a Contract
This is a contractual agreement that you will want your Missouri car accident attorney to look over carefully. He or she will then advise you on whether the deal is fair and what to expect once the contract has been signed. One of the biggest mistakes made by thousands of people every day is signing a contract without first having an attorney look it over.
Call The Hoffmann Law Firm, L.L.C. at (314) 361-4242 for a free consultation. From the beginning of your claim to the negotiations for a structured payment, our Missouri car accident lawyer will prove to be invaluable.
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