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Motorcycle Attorney In Pennsylvania

For over 30 years, The Cycle Attorney has been a trusted resource for motorcycle accident victims across Pennsylvania and New Jersey. With a deep commitment to protecting the rights of motorcyclists, we focus on helping riders recover compensation for injuries, property damage, and other losses.

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Talk to a motorcycle accident lawyer before discussing your case with any insurance company or the person who caused the accident.

New Jersey Motorcycle Accident Structured Settlements

The Cycle Attorney Examines the Pros & Cons

I’m not usually one to brag, but in this case, I am going to make an exception. Over the course of my twenty-plus years as a New Jersey motorcycle accident attorney, I have played a role in distributing millions of dollars to my clients, while assisting them in their quest for justice.

In the course of this career, I have found that a structured settlement is one of the most effective methods of payout for these motorcycle accident claims.

They ensure that the award is distributed to the plaintiff in a timely fashion, while protecting the client from some of the pitfalls that present themselves when a large sum of money is awarded in one big payment.

What is a Structured Settlement?

Before we can address the advantages and disadvantages of this type of arrangement, we need to nail down a good working definition of the term.

A structured settlement is an agreement to pay out a large sum of money owed from a lawsuit in regular, periodic installments rather than in one lump sum. They are usually created through the purchase of annuities. The structure of the settlement is to be agreed upon by the parties involved, and the phrase itself refers to how the payments will be distributed (monthly, quarterly, annually, etc.).

Because it often involves a relatively large award, a personal injury claim, such as a motorcycle accident lawsuit is a good candidate for this type of settlement, as are some car accidents, and worker’s compensation settlements.

When you consider the benefits that receiving a large motorcycle accident settlement can bestow – taking care of medical expenses, mitigating lost wages, repairing or replacing your damaged bike – it’s perfectly natural to wonder why one wouldn’t want to just accept a lump sum for their motorcycle accident compensation and get on with their lives.

Call The Cycle Attorney now at 1-888-292-5352 for your free consultation

But when you examine it in detail, a structured settlement offers some very attractive benefits.

Advantages of Structured Settlements

Disadvantages To Accepting a Structured Settlement

As with any financial arrangement, there are risk factors to consider as well. Because the award is metered out over time, there is less flexibility regarding spending, future expenses, and economic conditions than you would have if you received the payment all at once and could make financial decisions yourself.

In addition, you may feel that you are better qualified to invest the money, as opposed to leaving it up to the manager of the annuity likely to be in charge of the payout. And plaintiffs who retain too much control over the funds may forfeit their tax-exempt status if the IRS gets involved.

An experienced and tenacious New Jersey motorcycle accident lawyer is your best bet for solid advice when it comes to the pros and cons of a structured settlement.

Call The Cycle Attorney now at 1-888-292-5352 for your free consultation – there’s no fee until we win!

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