When a person is injured because of someone else’s negligence, they may want to take legal action to recover compensation. After all, unexpected medical bills can have a significant impact on a person’s finances. With such high costs of treatment, a civil lawsuit may be a person’s primary hope to prevent financial catastrophe.
If you are facing financial problems because of an injury caused by someone else, you may be entitled to pursue compensation through a civil lawsuit. To discuss your claim further with an experienced advisor, contact the St. Louis injury attorneys of the Finney Law Office today at 314-646-0300.
Understanding Payments
There are several different ways that compensation may be paid in the wake of a legal outcome favoring the plaintiff. The judge overseeing the case will make the determination, or it will be agreed upon as part of a settlement reached by the involved parties. The following are three important things to understand about payments.
#1: A Lump Sum Payment Comes All at Once
There are two kinds of compensation a person can receive if their claim is successful. One of these types of compensation is known as a lump sum. A lump sum payment rolls the entire amount awarded to the plaintiff into a single payment which can be divided according to the claimant’s financial needs.
#2: Structured Settlements Provide Payment Over Time
The other type of compensation payment is known as a structured settlement. These payments occur regularly over a set period of time, eventually reaching the same total as a lump sum. Some people prefer these payments, as they help a claimant more carefully handle their case-related funds and think wisely on where to spend and save this money.
#3: Structured Settlement Obligations Can Be Passed On
If a defendant finds someone to take the settlement obligation for them, they may defer their settlement to another party, usually related to their settlement’s annuity. A claimant needs to agree to this arrangement. This can result in a more trustworthy payer handling the settlement in some cases, especially if the defendant has a history of missing their payment dates.
Contact Us
If you have been injured and are seeking financial help through the legal system, our advisors may be able to assist you with your claim. For a free consultation regarding your rights and options, contact the St. Louis injury attorneys of the Finney Law Office today by calling 314-646-0300.