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Selling Your Structured Settlement For A Lump Sum? Caution!

William W. Hurst, Indianapolis Car Accident Lawyer

Imagine this situation – A woman is severely injured in a Semi-Truck accident and will not be able to work again. She hires an attorney to represent her in making her personal injury claim and he is able to secure a large settlement for her. She wants all the money up-front so her attorney has it paid directly to her. She then gives some money to her children, maybe buys a nice boat or that luxury sports car she’s always wanted, and runs through the money quickly, leaving her with nothing to live off of and no way to make any money after just a year or two. How is she to live? How could this have been avoided?

The answer to the first question isn’t one any of us would like to image, the answer to the second question, however, is quite simple, she should have gotten a structured settlement that would pay her a Structured Settlementscertain amount monthly, making it impossible to blow through all the money quickly.

In cases where our clients have serious injuries we regularly recommend they agree to a structured settlement that will pay them over time and secure their future. We do this because as the hypothetical above illustrates clients who sustain these catastrophic injuries will likely not be able to work for the rest of their lives or at the very least will have to take a lower paying job. This leaves them unable to support themselves at the same level they are used to and we want to make sure they have a livable income long-term. Our job as personal injury attorneys is to make sure our clients get the compensation they deserve and are protected financially, this does both.

Many clients who agree to these structured settlements, however, decide later that they want all the money now and sell their structured settlement to someone like “JG Wentworth”. These companies provide the client with a lump sum that is substantially less than what would be paid out long-term from the settlement and in exchange they begin receiving the settlement payments the client was entitled to. In some cases these companies will give the client a fair amount, but others make a lot of money by taking advantage of people who just need the cash as quickly as possible and don’t take the time to look for the best deal.

Personal Injury Attorneys and members of the National Structured Settlement Trade Association have been fighting this for years. As a representative of the NSSTA once said, some companies will take as Structured Settlementlittle as 12%, which is fair because they have to make money and money is worth more now than it is late (basic principles of economics), but others will try to take 30% more of our settlement, giving you a
lump-sum payout of substantially less than what you deserve. The outcome of many of these predatory transaction is an injured accident victim with no long-term income and far less money than they deserve. So be cautious if you are looking at selling your structured settlement, it may not be in your best interest. Shop around, find the best rate and maybe even give the attorney who settled your case a call. He/she will be able to give you advice on whether or not you’re getting ripped off.

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FAQs
Our Fees

It cost $0 up front to hire our office. We work on a contingency fee basis, which means you only pay us if we settle your case or obtain a verdict on your behalf.

If we’re unable to obtain a settlement of verdict for you we eat the costs we’ve advanced to litigate your case, which includes costs for ordering medical records, filing your case, hiring experts, deposing witnesses, and many other things.

If we do settle your case or obtain a verdict for you our standard rate is 33% of the settlement or verdict, plus reimbursement for the expense we’ve previously advanced. Our fee never increases like some personal injury attorneys, even if we have to take your case to trial.

Our Fees

It cost $0 up front to hire our office. We work on a contingency fee basis, which means you only pay us if we settle your case or obtain a verdict on your behalf.

If we’re unable to obtain a settlement of verdict for you we eat the costs we’ve advanced to litigate your case, which includes costs for ordering medical records, filing your case, hiring experts, deposing witnesses, and many other things.

If we do settle your case or obtain a verdict for you our standard rate is 33% of the settlement or verdict, plus reimbursement for the expense we’ve previously advanced. Our fee never increases like some personal injury attorneys, even if we have to take your case to trial.

Case Worth

As a victim, establishing damages, negotiating with the insurance company, or filing a lawsuit can be daunting and next to impossible without the assistance of an experienced lawyer. As a result, if you have been hurt in an accident, it is important that you contact an attorney as soon as possible to help you recover the compensation to which you are entitled under Indiana law.

Why Hire?

Choosing an attorney that has experience dealing with personal injury law is important to protect your legal rights. If you are trying to recover damages from a business or other type of organization, you can bet that they are going to have a legal team on their side.

Medical Bills

If you were injured by an accident you may be struggling to determine who is responsible for paying your medical bills and holding them accountable. Speak to an experienced personal injury lawyer at The Law Office of William W. Hurst and learn if we may be able to help.

Recovery

After you have been injured, you are entitled to compensation. The type and amount of compensation depends on the injury, bills, the cause of the injury, negligence/bad faith of the defendant, etc. The attorney you retain can also heavy influence your recovery through knowledge, experience, and dedication. Legal terms and phrases can be confusing even after you retain an attorney. If you have been injured, you may wonder how much your case is worth or what your “damages” are. The worse the injuries, the higher the value of the case and the greater need for an experienced attorney