Can You Sell Your Structured Settlement?
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If you are wondering whether or not you can sell your structured settlement payment, the short answer to your question is most always yes. In the majority of states in the US, the government has decided that recipients of settlements should and can be able to get their money however they wish. This was declared by Congress back in 2002 and still applies today. However, it is necessary to appeal to the court in an educated manner after you have discussed all the implications of selling your structured settlement with a trusted professional.
When you appear in court, you will simply need to show the judge that selling your structured settlement is the best thing for you. If the court agrees with your opinion, an order will be issued that allows you to sell your structured settlement payment to a broker authorized to buy it. The regulations regarding this issue are different in each locality. Reasons why you might be allowed to sell your settlement include the loss of your income, tax expenses, or other urgent financial matters. Sometimes people are permitted to sell their structured settlements for other reasons, such as to buy a new home or pay for college education.
Ultimately, the decision will be up to the judge. If he or she feels like it is not in your best interest to sell your structured settlement, you may not be allowed to do so. An example of this might be if you want to use the money to buy a car. Because a car will depreciate in price over the years, this is often not viewed as an acceptable reason to trade a structured settlement for a lump sum. Another reason why you may not be approved is if you are under 18 years of age. Your parent or guardian will need to demonstrate that selling is in your best interest, not theirs.
The first thing you'll need to do is find an attorney whose area of specialization is the purchasing of annuity payments. Before you do this, however, it's important to educate yourself and learn as much as you can about the process on your own. For example, did you know that the sale of a structured settlement is a tax-free transaction? Understanding the details of this type of transaction and your rights as a seller is very important.
There are various options available to people wishing to sell their structured settlements. You can sell all your payments or just part of them. When you sell only a portion of your payments, you get a lump sum amount and continue to receive some payments over time. Whatever you decide, make sure it's best for your financial needs. Don't allow yourself to be pressured by your attorney, broker, buyer or anyone else. As with any other large financial transaction, education and research is of utmost importance. Make sure you receive at least three quotes from different brokers before choosing one. This will ensure you get the best deal that is in your best interest.
Copyright 2007 Jim Sterling - All Rights Reserved
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