Structured Settlements - Colorado Springs
In 2008, the Colorado State Patrol investigated 27,213 traffic accidents. These traffic accidents caused thousands of injuries to car crash victims and led to thousands of permanent and lifelong disabilities. Unfortunately, even the best insurance policies can quickly become exhausted, and as such, accident victims may find themselves seeking additional compensation from the parties responsible for their accident. If you’ve suffered injuries in a Colorado Springs auto accident, and are awaiting money awarded to you from a Colorado accident, it may be offered to you in the form of a structured settlement. A structured settlement allows you to receive your money over a specified period of time, instead of a lump sum payment.
A structured settlement is funded through an annuity that is purchased by an individual or an insurance company. A structured settlement may be paid out in any way that you like: a series of regularly scheduled payments (say, monthly), or a combination of lump sum payments in addition to monthly payments. If you need money right away to pay outstanding bills, then an initial lump sum payment would work best for you, with the subsequent payments being sent on a regularly set schedule. Just be sure you know what you have agreed to – as you are locked in to the payment arrangements set up by the structured settlement.
There are some advantages to a structured settlement:
- You don’t have to worry about when you will receive your money, as payments from a structured settlement are scheduled monthly or annually to help you meet your financial obligations.
- There are tax advantages to receiving a structured settlement, as opposed to a single lump sum.
- If you worry that the money received in a lump sum would be spent too quickly, a structured settlement could provide you with ongoing financial security. This way you can guarantee that money is still coming in to pay for future expenses.
Structured settlements have become increasingly popular in recent years. As such, Colorado has enacted C.R.S. §13-23-101, the Structured Settlement Protection Act, to protect your rights when you receive a structured settlement. Since Colorado car crashes can result in increased medical bills, rehabilitation expenses, and lost wages, you may find yourself in need of additional financial compensation. When this occurs, a Colorado Springs personal injury attorney can discuss all of your legal options with you and answer any questions you have regarding your structured settlement. If you have been in an accident, Colorado Springs Personal Injury Lawyer Andrew C. Bubb will review your case for free and discuss with you all of your legal options. In some cases you may be able to recover compensation for medical expenses, lost wages, property damage, and pain and suffering. Call our Denver office at (303)328-9870 or our Colorado Springs office at (719)428-1903 today or contact us through our website contact forms.
Related Car Accident Injury Information