If you are expecting a structured settlement and are considering cash structured settlement sales you may have some questions about the current laws. If you have had a personal injury in the past, say 10 years ago, or even 20 years ago, then the laws today will be somewhat different than what you knew back then. But if you have never experienced personal injury cases before, there is not really anything that important for you to know about the new laws enacted in 1982 and 2002. These laws are now firmly entrenched in the books and being acted upon in all states. Though, being informed is always valuable. So, let's explain a bit here by looking at some scenarios.
You Have Experience after 2002 with Settlements and Wonder if There Have Been Changes
The short answer is no. There have not been any significant federal changes to personal injury suits since 2002. Well, at least not as specifically relates to structured settlements or cash structure settlement plans. Of course this refers to federal changes; there could be some changes in your specific state, so check the state part of our website for information that applies directly to you.
You Have Experience in the 1990s with Settlements and Wonder How Things are Different Now
Let's say that you, or a close family member, were injured in the 1990s and received a structured settlement. You may be wondering what is different today that you should know about. Well, while laws in your state may have changed as far as the court case itself, structured settlements have not really changed all that much since then. The main issue would be if you decided you wanted cash structured settlement, turning your payments into a lump sum. There has been some change there.
If you had a settlement between 1982 and 2001, you may know that back then it was pretty easy to cash structured settlement plans, turning them into a large sum. There were no regulations. No legal requirements. No court approval required. In 2002 the federal law was changed. Now in order to cash structured settlement plans into a lump sum you must get court approval. Do not worry; you can still cash structured settlement plans; now you just have to fill out some paper work and get a judge to approve the sale. Of course, if your last experience with a personal injury lawsuit was before 1982, then you have more changes to learn about.
You Have Experience before 1982 and Wonder How the Law is Different Now
While there were no real changes from 2002 until now, and the changes from 1982 until 2001 were minor, there was a huge change in 1982. If your last personal injury suit was before 1982 this is important information for you. Before 1982, most personal injury suits were settled with a lump sum payment. In 1982 a federal law was passed that encouraged judges to use structured settlements to settle personal injury cases. This means that if you won a case in 1981, you probably got a lot of money all at once. If you won that same suit today you would have received smaller payments over an extended period of time.
Moving into Money
Knowing the cash structured settlement law is an important part of being informed. If you have any questions about your existing structured settlement, or are considering converting your payments to a lump sum, contact us for a no obligation conversation
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