Structured Settlements in Med Mal Lawsuits

Structured settlements in medical malpractice cases make good
economic sense for the future, but what happens when a cash crunch hits?

Most structured settlements from court cases are usually in the form
of an annuity. However, having said that, it might be necessary for you
to have some cash right now. This is something to talk to your personal
injury attorney about, as many lawsuits are paying large sums from a
jury award over long periods of time.

Normally, larger injury settlement plaintiffs receive their award in
an upfront large amount of cash, with the rest set up to span a period
of time ranging from 10 to 30 years or more. The intention is that
monthly payments keep the wolf from the door. However, things don't
always happen that way.

Cash crunches are not always predictable and these days with the
rising costs of medical care and treatments, the usual 3 to 5% increase
a year in monthly payments does not always make ends meet. While this
conundrum used to pose a significant problem, the law has subsequently
been amended to allow you to sell future payments for cash right now.

Some of the medical crunch emergencies may involve additional
hospital or medical treatments, transportation (a new vehicle to
accommodate disabilities), avoiding bankruptcy, home improvement and
repair to allow for wheelchairs, walkers, etc., and any student loans
that need to be eliminated. Whatever the reasons, if you need cash now,
it is possible to make that happen.

Usually a finance company is interested in buying the future
payments of your structured settlement for cash. If you want to sell
all your future settlement payments, you may, but you may wish to hold
on to some for later. A copy of your settlement needs to be sent to the
finance company first to see if it is possible to buy your future
payments. If it is, you must have a judge approve a court order for you
to actually get your money. Ideally, the finance company will manage
the court order process on your behalf.

Robert Webb is an Atlanta personal injury lawyer with Webb & D’Orazio. To learn more about Atlanta personal injury lawyer, Atlanta personal injury, Atlanta business law, Atlanta criminal defense visit, Webbdorazio.com.