In these difficult economic times, you might be considering to sell structured settlement payments to cover cash-flow shortfalls. A quick search on the internet will provide plenty of structured settlement buyers to choose from.
A cash out structured settlement sale can provide the owner with immediate funds that can be used to pay for unexpected medical expenses, catch up with late mortgage payments, cover college tuition and pay living expenses if your income has been reduced. You don't have to sell all of the future payments; you are allowed to sell only as many payments as required to provide the cash needed.
The annuitant should first find out if their state permits a sale of structured settlements. Presently, most states have a Structured Settlement Protection Act that require full disclosure of the financial terms, a "cooling off period" and written advice to seek independent professional advice about your sale. A judge will consider your case and make a decision on whether to approve the sale. He will analyze your financial condition, the intended use of the funds and whether or not it is in your best interest to sell the payments.
Only structured settlement payments from a court-ordered personal injury claim can be sold. Federal and state laws prohibit the sale of settlements from workmen's compensation claims.
A person considering to sell structured settlement payments should proceed carefully. The potential buyers are very experienced with the process, but most people have never before sold a structured settlement. The process of court approval is very important to protect annuitants, and they should stay closely involved in the process. The decision to sell structured settlement payments is serious, and each person should get their own legal advice.
