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.

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