Structured settlements can be defined
as a financial or insurance arrangement which includes periodic payments. They are a type of arrangement wherein the claimant accepts to resolve any sort personal injury claim or to compromise a regular payment obligation. They were fist introduced in the United States and Canada during the 70s as an alternative to lump sum settlements. They are now a part of the regular laws in many countries including England, Canada, Australia and the United States. Each of these countries has their own set of definitions, standards and rules pertaining to structured settlements.
Structured settlements are often called as periodic payments and can include spendthrift requirements and income tax as well as benefits. They are referred to as 'periodic payment judgment' when incorporated into a trial judgment.
A whole lot of trading can take place with structured settlements. Just like entering into any legally binding contract, they can be traded for cash. But, before venturing out into one, you have to go through the pros and cons of the deal and see to it that you have lots to gain for the sacrifice you made to get it done. There could be instances when you might not be able to work or do not feel like doing so. In these circumstances, structured payment schedule can actually be a good option for you. You can ensure that there is a regular flow of money to meet all your requirements.
If paying medical bills is a source of concern for you, try talking to doctors, specialists or other sources to see if they can accept an amount lesser than the amount you are supposed to pay. In some cases, this can work for you as providers want to secure at least a part of the bulk of money you owe. This will enable you to bring down the amount you owe and keep the settlement money with yourself.
You need to think twice before trading your structured settlement for cash amount, in case you are intending to purchase an expensive item. No doubt, you may need the money. But, spending it on unnecessary things is certainly not the way to go.
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