Receiving Payments in a Denver Catastrophic Injury Case
If you or your loved one has suffered a life-altering injury as a result of someone else’s recklessness, carelessness, or intentional wrongdoing, you may be able to pursue a legal claim. Not only could doing so help you obtain a sense of justice and hold the wrongdoer legally accountable, but a successful settlement could also give your family the financial stability you need to move forward.
Settlements for catastrophic injuries typically involve more money than other types of personal injury lawsuits. Damages aim to cover lifetime expenses, including the injured individual’s future medical needs, caregiver expenses, and lost income. A knowledgeable catastrophic injury attorney could offer you helpful advice and explain your options for receiving payments in a Denver catastrophic injury case. Contact Amy G Injury Firm today to schedule a consultation.
What Are Lump-Sum Settlements After Catastrophic Injuries?
Most people who are successful with civil personal injury lawsuits choose to accept a one-time, lump-sum payment. This means the injured person has immediate access to all awarded funds and could use the money to pay for their immediate medical treatments, care, and accommodation. If the injured person sets an appropriate budget, they could periodically access it throughout the rest of their life to pay for necessary care.
Unfortunately, receiving so much money at once can be overwhelming. Some people spend too much of their settlement too soon and risk running out of money before they have accounted for future expenses. Other people may make risky investments, causing them to lose a large portion of their compensation.
During a consultation, an experienced Denver attorney could discuss whether you could successfully claim and receive a one-time lump payment settlement for your life-altering injury.
What Are Structured Settlements After Catastrophic Injuries?
A settlement after a catastrophic injury is intended to cover the lifetime expenses of the injured person. Some families find it easier to manage such a large sum of money by receiving the payment in smaller, periodic amounts. Structured settlements could help families protect their financial security into the future.
With a structured settlement, the injured person receives regular, scheduled payments of their settlement amount, similar to receiving a regular paycheck. The injured person and their family can then depend on that payment arriving at the same time each month and will not need to worry about spending too much, too quickly. Inflation could also be considered in many structured payouts.
A knowledgeable Denver lawyer could explain how receiving structured payments might offer your family stability after a loved one suffers a catastrophic injury.
Consult a Denver Lawyer About Structuring Compensation After a Life-Altering Injury Claim
After suffering a life-changing injury, your family may struggle with significant financial challenges. If you decide to pursue a personal injury lawsuit and are successful, you will need to determine which method of receiving payments in a Denver catastrophic injury case would be best for you and your family members. Reach out to our experienced legal team at Amy G Injury Firm to discuss which payment option best suits your family.
