If you have recently been involved in a car accident, you may suffer serious injuries that have a negative long-lasting impact on your life. These injuries can cause lifetime debilitating conditions and may render you unable to work.
If another party is at fault, you may recover damages to help with medical costs, future treatment, and other living expenses. If you negotiate a structured settlement from the insurance company, you should take care to protect your future stream of income. That is where hiring an experienced auto accident attorney or law firm will help. They can help you secure the damages you deserve from your injuries.
How cash payouts work
A structured settlement will pay you a monthly stipend for some time, often for years down the line. However, you do not receive an immediate large sum of money in this situation. Companies offer to buy out structured settlement payments for a lump sum of cash from accident victims.
A company seeking to buy out your structured settlement must apply to the court for approval. Judges routinely approve these arrangements with little protection afforded to the injured party.
Reject offers for cash buyouts
You may think you want or need cash immediately rather than waiting for your structured settlement payouts. However, offers from companies that buy structured settlements are typically well below the value of the payment. Consult your experienced auto accident lawyer to help you determine the best course of action. With one wrong step, you could forfeit your future income stream under the structured settlement with a cash payout.
Companies that offer you a cash payout are not looking out for your best interest. Proceed with caution, so you do not give away your future income for pennies on the dollar.
The importance of having a strategy when considering a settlement
The auto accident attorneys at Bashore Green can not only give you advice on how to proceed when considering a settlement but will handle all of your other legal needs. They have the experience and know-how to guide you on this journey. Contact Bashore Green to learn more at 248-487-1887.