Bids for the Sale of Structured Settlements
Filed under: Structured Settlements — Structured Settlement Expert @ 7:56 pm
When offering items for sale, many of us will gather bids from interested parties before making our decision as to whom we will sell our goods or services. The Internet has furthered this process, as buyers and sellers have access to each other like never before, allowing those who are interested in selling their products the ability to gather bids from interested buyers around the country – and even around the world.
Today, even those interested in selling more complex commodities – such as structured settlements – have the ability to collect bids from interested parties. Structured settlements are financial arrangements that allow for payments to be made to the claimant in a personal injury case. Instead of a lump sum of money being turned over to the claimant, however, the structured settlement allows for ongoing payments - as made from an annuity set up for this exact purpose. The recipient then receives their money through payments that come on a periodic basis.
However, it may come to pass that financial circumstances change and the structured settlement recipient is in need of a lump sum of money, rather than the ongoing payments. Such circumstances may include the accumulation of significant debt, the threat of foreclosure, education expenses, significant medical expenses, and the like. In such a case, the recipient may decide to sell some or all of their future structured settlement payments in exchange for a lump sum of money.
Through the gathering of bids the structured settlement recipient can be assured to get the fairest price for their sale. Even if, however, the recipient gets several bids, this sale must be approved by a court.
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