Tuesday, February 26, 2008

The Legal Process

Filed under: Structured Settlements — Structured Settlements Pro @ 2:30 pm

This post will focus on the legal process you can expect to unfold during the sale of your structured settlement payments. As mentioned in the previous post it is not typically required to have a lawyer present at the court hearing unless you live in the few states that mandate it. The steps in the legal process are handled by the company you are transferring your payments to and include:

1. Contact local legal counsel
There will be an attorney present provided by the company you are working with to convert your payments to cash. The attorney will handle the process and the proceedings on your behalf.

2. File petition with the court
The attorney will file a petition with the court regarding your request to sell some or all of your future payments.

3. Requests a hearing and court date:
The attorney will request a court date for a judge to review your case.

4. Send notice of transaction to all interested parties:
A notice is sent to all interested parties to inform them of your intention and of the court date.

5. Go to court:
The attorney will handle the proceedings and request the judge to approve the sale of your settlement payments.

6. Receive signed order:
The judge (typically) will approve your request and sign an order allowing the transfer of your future payments into cash.

Popularity: 44% [?]

Wednesday, February 20, 2008

Do You Need a Lawyer to Sell Your Structured Settlement?

Filed under: Structured Settlements — Structured Settlements Pro @ 8:10 am

The process of selling structured settlement payments for a lump sum requires going to court and receiving a judge’s approval.

However, whether or not you need a lawyer is primarily up to the state you live in. Most states do not require the recipient to have legal representation. Although, the company you are working with to convert you payments to cash will have a lawyer present to assist in the proceedings.

There are, however, eight states that do require you to have a lawyer with you at the court hearing:

● Alaska ● Maryland
● Delaware ● Minnesota
● Louisiana ● North Carolina
● Maine ● Ohio

In states where an attorney is required you can expect some help from the company you are working with to sell your payments. They will assist with the court and legal process to make the transaction easy and quick.

Popularity: 27% [?]

Sunday, February 17, 2008

When Does It Make Sense to Sell Your Structured Settlement?

Filed under: Structured Settlements — Structured Settlements Pro @ 9:24 am

A structured settlement is the financial award resolving a personal injury case that makes ongoing, periodic payments to the injured party to take care of their financial obligations over time.

Structured settlement plans are largely successful in accounting for all the future needs of a recipient but there are always a few exceptions. Life events can change ones financial position or needs requiring a larger amount of cash then their payments provide.

There are many reasons why a settlement recipient would want to sell their future payments including:

Debt/Bills: Pay off mounting credit card or medical bills piling up creating a large financial burden.

Education: Pay for a child’s college education.

Housing: Make a down payment on a home to receive affordable monthly payments.

Whatever the reason, it is possible to sell your future payments for cash. In addition, you have the flexibility of selling all of your future payments or just a portion. If you only sell some of your structured settlement payments you can receive a lump sum cash payment and still receive some of your future payments.

Popularity: 26% [?]

Thursday, February 14, 2008

Process of Selling Structured Settlement

Filed under: Structured Settlements — Structured Settlements Pro @ 8:33 am

While it is common for structured settlement recipients to transfer some or all of their future payments for cash it is not an instant transaction. There is a process that includes getting court approval to exchange future settlement payments for a lump sum cash payment. There are companies that specialize in guiding you through the process making the transaction easy. The following are some of the typical steps in the process:

1. Sign a contract that outlines the number of payments you wish to sell and the amount of money you wish to receive.

2. Provide any supporting documentation regarding your settlement

3. Schedule a court date to request the approval of the sale of your future payments

4. Attend court and receive the Judges approval for the transaction

5. Receive a lump sum cash payment by check or wire

The process can take 6-10 weeks depending on how busy the courts are at the time of your request.

Popularity: 25% [?]

Wednesday, February 13, 2008

Do You Need to Go to Court to Sell a Structured Settlement?

Filed under: Structured Settlements — Structured Settlements Pro @ 6:27 pm

If you have a structured settlement and are considering selling some or all of your future payments for cash you should be aware of the process involved.

Structured settlement terms are agreed upon by the involved parties and then approved by a Judge. If you wish to sell your structured settlement in the majority of cases you will need a Judges approval. However, there is nothing new about transferring future payments for cash and there are companies that specialize in purchasing structured settlement payments. These companies will guide you through the process and make it easy to receive a lump sum cash payment.

Popularity: 24% [?]

Tuesday, February 5, 2008

A Structured Settlement Sale May Help Sellers

Filed under: Structured Settlement — Structured Settlement Expert @ 2:14 pm

A structured settlement is an arrangement following a personal injury case. While in the past many claimants who have settled a personal injury case may have received their settlement in full, today they may agree to a structured settlement. A structured settlement allows for the payment of the settlement through payments made on a regular basis.

The structured settlement payments are made through a third party annuity that is set up for this purpose. Those who are responsible for the payments make them directly to the annuity that in turn makes the regular payments to the claimant.

However, there may come a time when the money from a structured settlement would be more useful to a claimant in one lump sum; and so at this point they may decide to sell their future structured settlement payments in exchange for this lump sum of money.

If it is a claimant’s desire to sell their structured settlement payments they may work with a reputable purchasing company to exchange all or part of their future payments in exchange for a lump sum of cash.

Popularity: 25% [?]

Friday, February 1, 2008

A Structured Settlement Transfer

Filed under: Structured Settlements — Structured Settlement Expert @ 8:37 am

As a part of a personal injury case there may be a financial arrangement made as part of an out of court settlement. While in the past a claimant in such a case would have received a total lump sum payout, today they may decide to receive a structured settlement. A structured settlement delivers the settlement amount in payments over time rather than all at once.

Such payments are made at regular intervals and continue through the life of the structured settlement. But it may be that such an arrangement does not suit the needs of its recipients. It may be that a lump sum of money may be necessary for a claimant at some point during the life of a structured settlement.

In such situations a structured settlement recipient may chose to sell all or part of their future payments. A purchasing company will transfer these future payments for a lump sum of money for those recipients who wish to seek this arrangement.

Popularity: 24% [?]