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What should I do with my settlement money? Take up to half the gains each year at most. Take out money to live and Fully fund your 401k at work (annual maximum each year) Make some written rules for what you will and will not use the money for. Do not go buy some crazy car or other depreciating asset.

Working with the original creditor, rather than dealing with debt collectors, can be beneficial. Often, the original creditor will offer a more reasonable payment option, reduce the balance on your original loan or even stop interest from accruing on the loan balance altogether.

Set Up an Emergency Fund. It's important to have a safety net in case of unexpected expenses or emergencies. ... Invest in Your Future. Consider investing a portion of your settlement money in your future. ... Consider a Structured Settlement. ... Seek Professional Financial Advice. ... The Importance of Hiring an Attorney.

If you are going to be receiving a Personal Injury Settlement and if you owe Back Child Support, the County may try garnishing up to 100% of your share of the settlement.

People have mixed feelings about class-action suits, and whether you cash class-action refund checks is up to you. Generally, if you get one, you probably paid a lot more in wrongful fees than you're getting back in the settlement. If you don't cash the check, the money may go back to the company.

It's better to pay off a debt in full (if you can) than settle. Summary: Ultimately, it's better to pay off a debt in full than settle. This will look better on your credit report and help you avoid a lawsuit. If you can't afford to pay off your debt fully, debt settlement is still a good option.

Three Ways You Can Protect Your Settlement Work with a family attorney. ... Ensure your damages are specific. ... Get a separate bank account.