As a recipient of a BP settlement award, you are required to make significant decisions regarding your financial future.
You have two options to receive your award amount:
Option 1: Structured Settlement
(Combination of Lump Sum and Periodic Payments)
Option 2: Lump Sum Only
Although it may be hard to believe, studies have shown that 90% of plaintiffs who receive a lump sum payment of $100,000 or more have nothing left in five years. Remarkably 30% have nothing left after six months.
A structured settlement allows claimants to receive a portion of their settlement in cash, and the balance in periodic payments over a period of time, or for the rest of their life. In addition, future lump sum payments can be made at key points in life, for retirement or educational funds.