Reasons People Sell a Structured Settlement
Selling your structured settlement can be a strategic move to gain financial freedom! If you’re considering this option rather than waiting years to receive your money, here are some reasons why it might be perfect for you:
1. Immediate Cash Access: Instead of waiting for periodic payments, selling your structured settlement provides you with a lump sum to address pressing needs.
2. Investment Opportunities: Use the large amount of cash to invest in opportunities that could offer better returns than your current structured payments.
3. Debt Freedom: With a lump sum, you can pay off debts, reducing interest payments, and alleviating financial stress.
4. Pursue Education: Whether it’s for you or your children, a lump sum can fund education or training programs, leading to better career prospects.
5. Start a Business: Fuel your entrepreneurial dreams by using your settlement money to launch or expand a business.
6. Medical or Emergency Needs: If you have medical needs or emergencies, access to a lump sum can ensure you and your family are covered without delay.
7. Retirement Planning: Boost your retirement savings to achieve the comfortable and secure future you envision.
Remember, each person’s situation is unique. Consider consulting with a financial advisor to ensure that selling your structured settlement aligns with your financial goals.
Is Court Approval Needed to Sell My Structured Settlement Payments?
Yes, court approval is typically necessary to sell your structured settlement payments. This requirement is in place to protect your interests and ensure that the sale aligns with your best financial interests. The court will evaluate several factors, including the reason for selling, the terms of the sale, and how it will impact your financial future. This process is designed to prevent exploitation and ensure that the decision to sell is sound and beneficial for you. It’s advisable to consult with a legal or financial expert to navigate this process effectively.
This consumer protection step is mandated under Structured Settlement Protection Acts (SSPAs) enacted across the United States. The SSPAs are state-defined laws that regulate the secondary market for structured settlements. These acts protect your rights when selling payments by requiring court approval of all sale terms, including the discount rate and resulting lump sum.
If this sounds a little daunting, don’t worry. We provide the lawyers to get our clients through this process. And we pay for it!