Why Lump Sum Settlements Are Rare?
Unfortunately for those plaintiffs, considering that settlement amounts usually are figures of four digits or higher, it’s impossible that courts will make defendants pay a lump sum except if the defendant is reasonably wealthy.
Cash for Structured Settlement Payments
They may still obtain lump sum cash for structured settlements even though – by way of selling those long term settlement payments.
The most secure way to sell structured settlement payments is to look for a company that are ready to buy structured settlements. There are plenty of companies on the market and offers will vary from firm to firm. The smart settlement beneficiary uses his time and shops around until he knows he’s found a high price. People who sell structured settlement payments for cash also need to look for the assistance of an attorney and a financial adviser that can help navigate the legal and financial vocabulary which complicates this kind of transactions.
Sell Structured Settlements for Cash: The People & Process
The entire process of receiving cash for structured settlement payments normally takes 40-60 days to complete. Much of that time is invested in setting up a court date to obtain the needed court approval. There are actually four parties that take part in the sale process:
1. The Seller
2. Certified Consultants who present financial alternatives to sellers and ease the completion of the deal.
3. The Attorney who prepares the legal documents and arranges the court date. He is as well present at the final closing of the sale.
4. The Judge who reviews the seller’s application to sell structured settlement payments. In case the court makes a decision that the sale is in the seller’s best interests, the sale is approved.
Obtaining cash for structured settlement payments are dictated by transfer laws and regulations which vary from state to state. Therefore, it is crucial for sellers to work with people who understand these state laws to ensure the seller receives the best benefit from the transaction.