Structured settlements are becoming more and more common these days. They are most often rewarded in personal injury cases or product liability cases. The big difference between a structured settlement and a lump sum settlement is that a structured settlement guarantees you a specific amount of money in regular payments over a specific period of time.
But sometimes you choose a structured settlement and then life gets in the way. While the regular payouts were ideal at the close of your case, an unfortunate situation has come up where a lump sum of cash is needed. Fortunately, structured settlement companies operate to help with just these situations. They are companies that will pay you a lump sum payment for your structured settlement payouts.
However, the road to getting your structured settlement cash is not always an easy one. Whether you need the money for unpaid medical bills, mounting debt, a large down purchase, or for another reason, the path to getting the cash you desire isn’t always easy.
Here is a little bit more information on how to get your structured settlement cash with the least amount of hassle possible.
A Long and Tedious Process
Right off the bat, it is important to understand that getting cash for your structured settlement will likely be a long and tedious process. There are quite a few hoops that you will be required to jump through. In some states, you will even have to be approved by a state court before receiving the cash for your structured settlement. Though this can make the process a little bit slower, the step was put in place to best protect your personal financial interests.
If you live in a state where approval is required, you need to give the court a valid reason why you need to receive the money immediately instead of as per the terms of your structured settlement agreement. The reason that some states do this is to ensure that people aren’t selling their structured settlements to receive cash for frivolous spending.
They want to make sure the money is being used for something important and necessary. After all, a structured settlement is originally designed to help a person get their life back under control after an injury or an accident.
Keep At It
The key to receiving your structured settlement cash is keeping at it. Don’t get discouraged even if the process is long and tedious. It is important to keep your head up and your eyes on the target whether or not your home state requires court approval.
Get Your Structured Settlement Cash
Unfortunately, the process of getting your structured settlement cash by selling your settlement to a third party company can be long and quite tedious. But if you keep at it and have a valid reason for doing so, chances are that you will end up with the money you need. Selling a structured settlement isn’t ideal but it can help out a lot depending on the specifics of your individual circumstances.Call Us Today
Basic Information on Selling Your Settlement Payments are available throughout our website. We provide tips and advice for all of different types of scenarios that are annuitants ask us...
Designed specifically to meet the needs of an injured party, a structured settlement annuity provides periodic payments over a set amount of time that are free of taxation. The...
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