If you are awarded a major payment in a personal injury claim, there is a pretty god chance that the money you are awarded will be paid out as a structured settlement. Even though a structured settlement is designed to help ensure that you are taken care of in the long term, it can be frustrating to have to wait on annuity payments to build when you need a lump sum of your money. A structured settlement buyout is definitely a good option when you are in this kind of predicament. There are four basic steps that you will face to free your money from the structured settlement agreement.
1. Make the Initial Decision - The decision to sell part or all of your structured settlement should not be taken lightly, as it is a major financial change. You have to ensure that this will not be financially damaging down the road and you will still have the money to get by. You need a logical and reasonable reason to sell, such as a major life disaster, a divorce, or starting a business venture.
2. Look for the Best Option - Structured settlement buyout companies are not at all difficult to find, but they all vary greatly in what they have to offer. You should take a good amount of time to shop around and figure out who has the best deal to offer, who charges the least in fees, and who will get you the most for your tied-up money.
3. File the Appropriate Paperwork with the Buyer - In order to sell your settlement legally, you will have to file the necessary paperwork with the buyer. This will include things like your original settlement agreement and an application to settle the payments
4. Seek a Judge's Approval - Not every buyout will be approved, but all buyouts will have to be submitted by an attorney to a judge. The judge will take a look at your reasoning for wanting to sell, and determine if this is an option that would be financially acceptable for you.
In some cases, a structured settlement works out well for people who are awarded a large amount of money. However, the structured payment process is not that convenient when you need more of your money at one time. If you think you may be interested in selling your structured settlement, talk to a buyout company for more information.
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