Yes, you can sell structured settlement annuity payments to get cash now. While structured settlement payments help some people to maintain their quality of living and ensure their future financial security, for other people such payments are simply insufficient to meet their current financial needs. In such situations these people, people like you, may want to sell structured settlement annuity payments in full or part. However, some people take one look at their structured settlement paperwork, see a line about them not being able to sell it, and assume that, in fact, they cannot sell the payments. Fortunately, this is not usually true. You CAN sell your payments.
Understanding Your Paperwork
As with most legal paperwork, your structured settlement documents are likely full of legal language. This language might include “anti-assignment” or “anti-sale” wording which seems to suggest, or clearly states, that you cannot sell your settlement payments, even if you need to. Such language might say something like, “Plaintiff may not increase, decrease, defer or accelerate settlement payments. Nor shall these payments be assigned, anticipated, sold, or used as loan collateral.”
What you need to know is that this language does not necessarily mean that you cannot sell your payments.
You can still sell structured settlement annuity payments. Shocking, right? In fact, Federal law protects your right to sell these payments, as long as a judge approves. So does state law, in most states.
Knowing the Law
So, even if your paperwork has a restriction that seems to suggest that you can’t sell structured settlement annuity payments, the federal and state laws override that and allow a judge to approve the sale and put cash into your hands. It is legal. In short, the laws in most states, as well as federal law, say that a judge’s approval takes precedence over any anti-assignment language in the structured settlement paperwork. At Strategic Capital, our experienced staff knows the law in all states and can tell you what rules and regulations may impact your structured settlement sale. We can inform you and help walk you through the process. From making a decision to filling out the paperwork, to actually getting your check, Strategic Capital is there for you.
Making the Right Decision
While Strategic Capital can help you to navigate the often complicated legal waters and sell your settlement quickly and legally, it is important to remember that selling your structured settlement payments should not just be about whether you can do it or not. There are many things in life that we can do, but that does not mean that we should do them. This is a decision that you need to think through.
Before you sell structured settlement annuity payments be sure that you truly have a financial need, a good reason to want your money now. Look into alternate financing sources and ensure that selling your annuity payments is the last resort, not the first thought. Also, be certain that you can get by financially without the support that those payments bring.
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