What You Need to Know About Structured Settlement Companies

Structured settlement companies can help you a lot. A structured settlement is a financial or insurance agreement that a person accepts rather than taking a lump sum payment. There are many factors to consider when looking for structured settlement companies to work with. One important decision is whether or not getting a lump sum by selling each one of your future payments is an option. The best things about hiring a company is that you will have peace of mind knowing that you will not be deceived.

Structured settlement companies assist in paying the bills you have now. The problem with this is if the structured payments are not enough to cover all unexpected expenses, which is one of the most common issues among the customers of these sort of financial firms. The key is to find the right firm to sell your structured payments to. Time and research is necessary before accepting any lump sum for any structured settlement you may have. The reason for this is that you will maximize the amount of money that you will get out of these transactions.

There is a lot to consider when searching for the best structured settlement companies in the market. They must be very easy to work with, and offer you all the help you need to solve particular issues in your case. If you rush through the process, the results might be disappointing. It is also important to set your emotions aside when choosing a financial firms as some of firms may try to take advantage of your weakness to get more money.

These are some of the pros and cons of using the services of these firms:

Pros

1. Instant cash. They are great for those who are not currently employed or are currently facing financial troubles

2. Investment. Inflation is the increased value of goods and services therefore the value of a dollar today is worth more than a dollar in 30 years. This is one of the reasons why many people use the services to get a lump sum and to invest their money.

Cons

1. The lottery effect. It is very common for lottery winners to spend all their money within five years. The same situation might happen to you if you spend your lump sum irresponsibly. You need to know that structured settlement companies buy their structured settlements at a 25% or 50% discount. This means there will be consequences if your investments are not handled with care.

Conclusion

As you can see, they are useful. It is an excellent method to get money fast if you need it right now, but there are many factors to consider before doing this. It is important to assess the pros and cons of using the services of these financial firms because there are consequences for being irresponsible. Before committing to structured settlement companies, you should take the time to research and investigate the pros and cons and seek counsel at any time.

What Are The Positive Factors Involved In Personal Bankruptcy Filing

Personal bankruptcy is the process of legally declaring the inability of an individual to pay off his debts. In many cases, bankruptcy might not be the only option available to you for dealing with your financial difficulties. Consulting an experienced attorney can help you gain awareness regarding your rights and available options. However, in case it is the only option available, it is important to maintain a positive approach towards it. Despite all the conventional negativisms associated with the concept of bankruptcy, it is important to know that there are several positive aspects involved in it:

  • In spite of the fact that bankruptcy can impact your credit record severely, it is also true that once the entire process in complete, all your past credit records get cleared, providing you a chance to start afresh.
  • As soon as your personal bankruptcy filing is accepted by the court, and your bankrupt status is confirmed, the creditors are legally bound to stop making direct calls to you. To get an instant relief from the harassment’s caused to by the lenders is probably one of the most positive parts of bankruptcy filing.
  • Nothing can stop you from filing for personal bankruptcy more than once if you want to and need to. However, in some forms of bankruptcy, there is a need to maintain a particular period of time between two filings. For example, while chapter 13 bankruptcy can be filed as often as you need, there’s a need to maintain a period of eight years between two successive filings for chapter 7 bankruptcy.
  • It is not necessarily true that you would lose all your assets if you file for personal bankruptcy. Instead, there are provisions in the bankruptcy laws that enable you to retain certain valuable assets and also get the advantage of easy repayment plans in accordance with your conveniences and requirements.

In case you decide to file for personal bankruptcy, it is important to make a choice between chapter 7 bankruptcy and chapter 13 bankruptcy. Again, a knowledgeable attorney can help immensely in making the right choice with regard to your financial status, conveniences and needs.

Chapter 7 bankruptcy is ideal for individuals having non-exempt assets that can be liquidated by the court in order to pay off the debt amount. However, it has been seen that merely 5% of the people opting for chapter 7 bankruptcy possesses any non-exempt assets.

Chapter 13 bankruptcy on the other hand is suitable for people who in spite of their financial crisis are having a fixed annual income. Such individuals can enter an easy repayment plan through negotiation with the lenders, which can also often bring down the debt amount to be paid. Debtors can then pay back the credit amount over a fixed period of time which actually helps them immensely.

An experienced and knowledgeable attorney is your best source to obtain sufficient information on personal bankruptcy, its advantages and flaws, and the right option for you. It is extremely important to know in details your legal rights, liabilities and options before you decide for bankruptcy filing.