Congratulations! Your personal injury case has been settled and you are awaiting your award. But what’s next? You might be wondering how to collect your settlement or how to get money from a settlement now.
Unfortunately, it’s not always a quick process. There are several factors that will affect your payout as well as several steps that must be completed before you can get paid.
The Release Form
The first step in receiving your check is to sign a release form that sets forth the settlement terms. The release form will usually state that you will not pursue any further payments from the defendant for the specific incident at hand.
The Internal Process
Some states have established deadlines by which the defendant must provide settlement funds after receiving the release form. Some states are even permitted to charge interest on the funds to ensure that there is a disincentive for the defendant to delay the payment.
Still, settlements do experience delays. For instance, attorneys may have disagreements regarding the terms of the release form, causing a delay in the creation of the form. The defendant’s insurance company may also cause a delay because of its internal process protocols.
If you have been awarded a structured settlement rather than a lump sum, it will naturally take longer for you to receive the total amount owed to you. Structured settlements are often used by courts in the following cases:
- Severe personal injury
- Workers compensation
- Wrongful death
Oftentimes, structured settlements are ideal for plaintiffs because they can provide a lifetime of financial security. The money is protected from taxes, market fluctuations, recessions, and a myriad of other risks typically associated with investments. Household income has grown by 26% in the past 12 years, yet the cost of living has gone up 29% in that same time period. In other words, receiving a steady income from a structured settlement can provide stability in an ever-changing economy.
However, life happens and your needs can change in an instant. When this happens, you may want to access your money immediately.
How to Get Money From a Settlement Now
You have the right to sell your structured settlements. If you are in a financial crisis, you have the ability to use a specialty finance company like 123 Lump Sum as a direct funding source for structured settlements.
Call 123 Lump Sum today to get cash for your structured settlement and stop worrying about your finances.